The most recent June housing data
displays a promising picture of the housing market in
Massachusetts. In fact, the number of closed homes in June of 2016
has reached a record high since that of 2004. Additionally, the
median price of single family homes has climbed to $380,000 for the
first time.
Looking more specifically to the
Greater Boston housing market, the area saw record-high sales
activity in June as low mortgage rates, rising home values and a
healthy job market kept buyer demand strong, according to data
released by the Greater Boston Association of REALTORS
(GBAR).
In Greater Boston, sales of detached single-family homes
improved on an annual basis for the thirteenth consecutive month
representing a new record-high total of single-family home sales
for the month of June eclipsing the previous monthly high of 1,888
from June 2004.
Greater Boston Single-Family Market
Overview
| June2015 | June 2016 | +/- | |
| Closed Sales | 1,870 | 1,916 | +2.5% |
| Median Sales Price | $560,000 | $585,000 | +4.5% |
| Days on Market Until Sale | 52 | 49 | -5.8% |
| New Listings | 2,271 | 2,131 | -6.2% |
Meanwhile, condominiums sales remained flat, falling short of
last years total by one unit sold; last months sales total
represents the third highest total in June for Greater Boston, with
the high coming in 2005 with 1,546 condo units sold.
Greater Boston CondominiumMarket Overview
| June 2015 | June 2016 | +/- | |
| Closed Sales | 1,389 | 1,388 | -0.1% |
| Median Sales Price | $460,000 | $505,000 | +9.8% |
| Days on Market Until Sale | 39 | 41 | +5.1% |
| New Listings | 1,567 | 1,435 | -8.4% |
The desirability for
homeownership in Greater Boston is extremely high, and with a
thriving local job market and economy, weve seen buyer motivation
and consumer confidence continue to trend upwards and that is
reflected by these high sales totals, said GBAR President Andrew
Sarno. Consumers are taking advantage of the increased equity from
the rising home values and low mortgages rates as well, so despite
higher median sales prices; the market has remained very
active.
The single-family median sales price rose to an all-time record
high median sales price of $585,000 last month. This represented
the twenty-first consecutive month that the single-family median
sales price has improved. Similarly, in the condo market median
sales price increased to an all-time high $505,000 up from $460,000
in June 2015.
As demand continues to exceed supply, many buyers have found
themselves in multiple offer situations with the added pressure of
buying before further potential price increases, noted Sarno.
Despite this, buyer activity remains high, and although pending
sales declined slightly, numbers remain well above historical
averages for the month of June.
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.