The Massachusetts Association of REALTORS (MAR) reported that
ongoing buyer activity in the spring pushed single-family home
sales up in July over 19 percent compared to the same time last
year. This is the biggest year-over-year increase since September
2013. Busy buyers in the spring means closed sales in the summer
and it was a very busy spring in Massachusetts, said 2015 MAR
President Corinne Fitzgerald.
Looking more specifically to the Greater Boston area, sales and
median prices of single-family homes and condominiums each rose
steadily on an annual basis in July according to data from the
Greater Boston Association of Realtors (GBAR).
Single-Family Market
| July 2014 | July 2015 | +/- | |
| Closed Sales | 1,739 | 1,895 | +9.0% |
| Median Sales Price | $505,000 | $530,000 | +5.0% |
Condominium Market
| July 2014 | July 2015 | +/- | |
| Closed Sales | 1,196 | 1,323 | +10.6% |
| Median Sales Price | $419,000 | $460,000 | +9.8% |
July recorded the highest sales volume ever in Greater Boston
with a 9 percent increase on an annual basis of detached
single-family homes from 1,739 homes closed last July to 1,895 in
July 2015. Activity improved an even healthier 10.6 percent in the
condo market, climbing from 1,196 condominiums sold in July 2014 to
1,323 this July.
Its been an exceptionally busy summer in all segments of the
market. Weve seen more new listings come on the market than normal
the past two months, and the potential for an increase in interest
rates this fall is also helping to motivate prospective buyers
stated GBAR President David McCarthy.
Single-Family Market
| July 2014 | July 2015 | +/- | |
| Inventory of Homes for Sale | 4,153 | 3,593 | -13.5% |
| Days on Market Until Sale | 56 | 55 | -3.5% |
| New Listings | 1,498 | 1,714 | +14.4% |
Condominium Market
| July 2014 | July 2015 | +/- | |
| Inventory of Homes for Sale | 1,924 | 1,590 | -17.4% |
| Days on Market Until Sale | 50 | 41 | -19.5% |
| New Listings | 1,064 | 1,077 | +1.2% |
Inventory for single-family homes and condos continued to
decline from year ago levels in July, the decrease in the number of
homes and condos for sale was more modest than for any other month
this year. Notablynew listings for both detached single-family
homes and condos improved on a year-to-year basis last month, with
a 14.4 percent increase in number of single-family homes listed for
sale and a 1.2 percent gain in the number of condos added to the
market this July compared to July 2014. As the supply levels build,
that will create more opportunities in the market for buyers going
forward.
The strength of the Boston area housing market and desirability
for home ownership is self-evident when you see buyer demand
reaching record levels at the same time local home prices are
soaring, McCarthy observed.
The residential real estate market in Boston saw near record
levels of activity last month as a strong local labor market, low
mortgage rates, and rising home values gave consumers the
confidence to enter the housing market.
Find more in-depth July market data for the Greater Boston area
here.
About the Greater Boston Association of
Realtors: The Greater Boston Association of REALTORS
(GBAR) represents over 6,500 real estate professionals throughout
the Greater Boston and Eastern Massachusetts area and is one of the
local boards of the National Association of REALTORS the largest
trade association in America. GBAR provides professional
development courses, standard forms, legal reports and updates,
brokerage counseling, legislative and regulatory representation,
ethics, mediation and arbitration services, as well as recognition
awards.