The Massachusetts Association of Realtors (MAR) reported that
2016 started where 2015 left off with closed sales continuing to go
up on strong buyer demand. Activity in the final months of 2015
pushed closed sales to its highest levels for a month of January
since 2004. The same can be said in the Greater Boston area with
steady housing and a healthy economy. The Greater Boston market
experienced an overall increase in residential property sales
during January. Sales for detached single-family homes rose to a
new record level for the month according to the Greater Boston
Association of REALTORS (GBAR).
Last months sales figures are indicative of a positive start to
2016, as we saw an overall 19.7 percent closed sales increase on
January of last year, said GBAR President Andrew Sarno. A healthy
local job market has continued to drive buyer demand and as a
result, prices and home values remained strong for the month of
January.
Sales of detached single-family homes improved on an annual
basis for an eighth consecutive month in January, and increased
17.9 percent on the January 2015 total of 717 homes sold to a new
record 845 homes sold in January 2016. This sales volume surpassed
the previous January record of homes sold in Greater Boston from
2005 of 816 homes sold.
Greater Boston Single-Family Market
Overview
| January2015 | January2016 | +/- | |
| Closed Sales | 717 | 845 | +17.9% |
| Median Sales Price | $485,500 | $490,000 | +0.9% |
| Days on Market Until Sale | 84 | 73 | -13.1% |
| New Listings | 847 | 906 | +7.0% |
Condo sales saw a sharp increase on a year-to-year basis in
January, with a 22.4 percent improvement from 486 units sold in
January 2015 to 595 last month. This increase represents the
highest total condos sold in Greater Boston since January 2007.
Greater Boston Condominium Market Overview
| January 2015 | January 2016 | +/- | |
| Closed Sales | 486 | 595 | +22.4% |
| Median Sales Price | $447,000 | $440,000 | -1.6% |
| Days on Market Until Sale | 59 | 58 | -1.7% |
| New Listings | 709 | 810 | +14.2% |
Sales prices in both markets fluctuated slightly. The condo
market sales price dipped from the record-high median sales price
of $447,000 in 2015 to $440,000 last month. Although this reflects
a 1.6 percent decrease, last month saw the second highest median
sales price in history in Greater Boston and given the increase in
overall sales, reflects a higher concentration of entry-level
condos sold this year.
Inventory continues to be the biggest hindrance in the Greater
Boston housing market, as numbers in both markets fell last month.
We have noticed that low inventory across the board has affected
some buyers, as the prevalence of multiple offer situations as well
as the desire to buy now before a potential price increase has put
some pressure on buyers, added Sarno. However, buyer motivation
remains high and last months pending sales numbers indicate that
buyers are still very active.
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.