Here’s August 2017’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
August 2017 Greater Boston Real Estate Market Trends
A persistent short supply of homes as well as record-high monthly median sale prices have contributed to a slight softening of detached single-family homes sales and condominium sales during the month of August in Greater Boston according to data released today by the Greater Boston Association of REALTORS® (GBAR).
With 1,597 single-family detached homes sold in August 2017, it was the sixth highest sales total for the month, and was a 7.2 percent decrease in sales volume from the August record-high of 1,721 homes sold in August 2016. This is the fifth consecutive month that the single-family sales total has dropped on a year-to-year basis, however the August sales volume is 3.7 percent higher than those in July (1,540 homes sold). The condo market also experienced a softening in sales as 1,161 condos were sold in August 2017, which is a 4.7 percent drop in volume from the 1,218 units sold in August 2016. This was the tenth most active August on record in Greater Boston and compares favorably to the sales pace of July 2017 when 1,159 units were sold.
- August condo sales DOWN -4.7%
- Median prices UP 7.0% ($535,000)
- Active Listings DOWN -0.9% to 1,803
- Listings added to the market DOWN -6.0% over last year (905 from 963 in 2016)
- August single-family home sales DOWN -7.2%
- Median prices UP 6.1% ($610,000)
- Active Listings DOWN -9.5% to 2,970
- Listings added to the market UP 2.1% over last year (1,251 from 1,225 in 2016)