The Massachusetts Association of REALTORS (MAR) reported that very
strong buyer activity in August pushed pending home sales up over
40 percent from the same month last year.
There was no slowdown this summer as buyers continued to be out
there making offers that sellers were happy to accept, said 2015
MAR President Corinne Fitzgerald. Buyer activity should remain
strong with the only variable being the recent volatility in the
stock market.
Looking more specifically to the Greater Boston area, new
listings were up 14% for single-family homes and 17.1% for
condominiums according to the Greater Boston Association of
Realtors (GBAR).
Greater Boston Single- Family Market
Overview
| August 2014 | August 2015 | +/- | |
| Closed Sales | 1,516 | 1,720 | +13.5% |
| Median Sales Price | $490,000 | $499,900 | +2.0% |
| Days on Market Until Sale | 60 | 61 | +2.9% |
| New Listings | 1,267 | 1,445 | +14.0% |
After declining during three of the first five months of the
year, sales of detached single-family homes improved in August on
an annual basis for a third consecutive month. The months sales
volume is the most ever recorded for the month of August in Greater
Boston, surpassing the previous record of 1,694 homes sold in
August 2013.
The median selling price for single-family homes rose for an
eleventh consecutive month in August to a new record high price of
$499,900. This median selling price reflects todays tight inventory
levels, improved optimism about the economy and housing market,
pent-up demand from millennials looking to transition from renters
to homeowners and empty-nesters looking to downsize and cash in on
strong gains in their homes value in recent years.
Greater Boston Condominium Market Overview
| August 2014 | August 2015 | +/- | |
| Closed Sales | 1,138 | 1,190 | +4.6% |
| Median Sales Price | $419,000 | $460,000 | +9.8% |
| Days on Market Until Sale | 52 | 46 | -12.5%0 |
| New Listings | 777 | 910 | +17.1% |
The median selling price for condominiums rose steadily on an
annual basis last month, increasing nearly 10 percent from a median
price of $419,000 in August 2014 to an all-time high monthly median
of $460,000 this past August.
Demand for condos remains strong, especially among entry-level
buyers looking to convert from renting to home ownership, overseas
investors, and suburban empty-nesters looking to downsize or
relocate to Boston. Indeed, sales activity would likely be higher
if not for the very limited supply of condos available for sale in
eastern Massachusetts.
The healthy sales pace of late can be attributed to steady job
growth and the overall health of the local economy, near record low
mortgage rates, and recent improvement in household formation. This
years severe winter weather also delayed the start of the
traditional spring market, resulting in a higher than normal
closing activity over the summer months.
Find more in-depth August 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.