In July, the Greater Boston housing market was extremely active
as buyer confidence continues to soar among a thriving economy,
local job market and record-high prices for both the single-family
and condominium markets, according to data from the Greater Boston
Association of REALTORS (GBAR). Although there was a softening in
sales totals from record highs last July, each marketplace finished
with above average sales volume for the month.
Desirability to live in Greater Boston remains strong but
entry-level buyers in particular are finding their home search to
take more time as they struggle to find a home they can afford,
said Sarno. At the same time, many home owners continue to take
advantage of the equity in their homes and either trade up or
downsize, which keeps the market active across the full range of
prices.
The single-family detached home sales dropped on an annual basis
for the first time in thirteen months as 1,596 units were sold in
Greater Boston. This total is a 16.1 percent decrease from the
all-time record high sales total of 1,903 homes sold last year and
is the fifth highest sales total for July. The single-family median
sales price rose a modest 4.5 percent from $550,000 in July 2015 to
$575,000 last month. This represented the twenty-second consecutive
month that the single-family median sales price has improved as
well as an all-time record high median sales price
Greater Boston Single-Family Market
Overview
| July2015 | July2016 | +/- | |
| Closed Sales | 1,902 | 1,596 | -16.1% |
| Median Sales Price | $550,000 | $575,000 | +4.5% |
| Days on Market Until Sale | 49 | 51 | +4.1% |
| New Listings | 1,630 | 1,323 | -18.8% |
The condo market experienced a 17.4 percent decline in sales
from 1,377 in July 2015 to 1,137 last month and marked the seventh
highest sales total for the month of July. Meanwhile, median sales
prices increased 7.6 percent to $495,000 up from $460,000 in July
2015, setting a new record-high for July.
Greater Boston CondominiumMarket Overview
| July 2015 | July2016 | +/- | |
| Closed Sales | 1,377 | 1,137 | -17.4% |
| Median Sales Price | $460,000 | $495,000 | +7.6% |
| Days on Market Until Sale | 40 | 40 | +0.0% |
| New Listings | 1,117 | 1,105 | -1.1% |
Limited inventory and easing of demand from record numbers a
year ago has led to this decline, however sales figures remain well
above average for the month of July, said GBAR President Andrew
Sarno. Last years record-high was slightly inflated by the slow
spring market and we are pleased with the continued activity and
consumer confidence weve experienced this summer. Frankly, the
level of activity weve seen is exceptional given where prices are,
however we are beginning to see some buyers get priced out at the
entry level.
The inventory shortage continues to plague Greater Boston as
again the largest statistical change came with the falling
inventory numbers. This has resulted in an intensely competitive
market throughout Greater Boston and solidifies that now is a great
time to put your home on the market as a boost in supply is needed
more than ever.
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.