Elevated buyer activity, strong consumer confidence and low
inventory has led to increased sales and prices of single-family
detached homes and condominiums in April throughout Greater Boston,
according to data from the Greater Boston Association of REALTORS
(GBAR).
Throughout the spring, weve seen a steady rise in sales matched
by continued price growth as buyer demand in our region remains
high, said GBAR President Andrew Sarno. The strong economy and job
market, paired with rising home values throughout Greater Boston,
has led to an increase in consumer optimism and confidence when
buying a home, as evidenced by the rise in buyer activity.
Last month, sales of detached single-family homes improved on an
annual basis for the eleventh consecutive month increasing 21
percent from the 762 homes sold in April 2015 to 922 this year.This
represents the highest single-family home sales total for April
since 2010 when there were 975 homes sold.
Greater Boston Single-Family Market
Overview
| April 2015 |
April 2016 |
+/- | |
| Closed Sales | 762 | 922 | +21.0% |
| Median Sales Price | $512,250 | $530,000 | +3.5% |
| Days on Market Until Sale | 78 | 70 | -10.3% |
| New Listings |
2,472 | 2,131 | -13.8% |
Condominium sales also rose 18 percent last month, from 690
units sold in 2015 to 814 this year. Last months condo sales number
is slightly above average historical condo sales volume of 801 in
our market, and the seventh highest total for the month since
2003.
Greater Boston CondominiumMarket Overview
| April 2015 |
April2016 | +/- | |
| Closed Sales | 690 | 814 | +18.0% |
| Median Sales Price |
$436,000 | $480,000 | +10.1% |
| Days on Market Until Sale | 59 | 46 | -22.0% |
| New Listings | 1,732 | 1,473 | -15.0% |
In each market, median sales prices increased in April setting
record high prices in our region. Sarno added that many multiple
offer situations has benefitted sellers in the form of higher home
values and steady price appreciation.
Except for a few cold days, the spring buying season essentially
started in January, said 2016 MAR President Annie Blatz. All this
early activity pushed closed sales to a new high for the month of
April and prices followed.
Unlike March, inventory numbers in April declined slightly in
both markets.As we enter the summer months, the early start to the
busy spring season may also be the cause of lower inventory seen in
April.
Source: Greater Boston Association of Realtors. Findmore information
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.