The Massachusetts Association of Realtors (MAR) reported that
2015 closed out with seven straight months of sales increases with
December having the most closed sales of any December since 2004.
More specifically in Boston, a healthy local job market, low
mortgage rates and recent gains in household formation led to
increased sales and steady price appreciation throughout the local
residential housing market in December, according to data from the
Greater Boston Association of REALTORS (GBAR).
Weve seen a pattern over the last couple months of increased
sales volume at a normally slow period of the year, which
demonstrates the consumer confidence and desire for homeownership
that exists in our market, said GBAR President Andrew Sarno.
December capped off a strong 2015 sales year in Greater Boston,
particularly in the single-family housing market which had a total
sales increase of 7.7 percent on the previous year.
Sales of detached single-family homes improved on an annual
basis for a seventh consecutive month in December, increasing 14
percent on the December 2014 total of 1,133 homes sold to 1,292 in
December 2015. This sales volume represents the highest total ever
during the month of December in Greater Boston, eclipsing the
previous record of 1,266 homes sold in December 2003 by 2.1
percent.
Greater Boston Single-Family Market
Overview
| December2014 | December2015 | +/- | |
| Closed Sales | 1,133 | 1.292 | +14% |
| Median Sales Price | $444,000 | $465,000 | +4.7% |
| Days on Market Until Sale | 79 | 80 | +1.3% |
| New Listings | 603 | 635 | +5.3% |
Condo sales continued to rise on a year-to-year basis in
December, with a 7.6 increase of units sold from 815 in December
2014 to 877 units sold last month. This represents the second best
December condo sales total in Greater Boston, surpassed only by the
906 closed sales in December 2004.
Greater Boston Condominium Market Overview
| December 2014 | December 2015 | +/- | |
| Closed Sales | 815 | 877 | +7.6% |
| Median Sales Price | $423,000 | $445,000 | +5.2% |
| Days on Market Until Sale | 56 | 53 | -5.4% |
| New Listings | 396 | 463 | +16.9% |
As a result of the continued, healthy sales pace, median sales
prices increased in both markets in December. In the single-family
home market, the median sales price rose for a fifteenth
consecutive month, to a new record price for the month of $465,000.
Both markets saw increases in their year-end totals from the
previous year, as the median selling prices of single-family homes
sold increased by 3.7 percent in 2015, with an increase from
$458,000 to $475,000.
The strong job market and healthy economy in Greater Boston have
continued to drive both sales and prices, added Sarno. Buyers
continue to take advantage of the rising home values and low
mortgage rates in the area. Additionally, if Decembers pending
sales totals are any indication, we can expect a relatively active
market throughout the winter months.
Overall in 2015, residential real estate saw advances. Supply
and demand were healthy in an environment with low interest rates
and improved employment. Improved inventory and affordability
remain to be two driving factors as we enter 2016.
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.
Sources: Greater Boston Association of
Realtors, Massachusetts Association of
Realtors