August 2017 Greater Boston Real Estate Market Trends

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.


Condominium
  • 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)
Single-Family
  • 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)

Interested In Specific Neighborhood / Area Real Estate Market Trend Data?

 

Greater Boston Real Estate Market Summary Graphic

Anna Roberts

"I get great joy in seeing a happy client. If it requires going the extra mile to make it happen, I will do it." Anna Roberts, Operations Executive & Agent at Unit Realty Group.

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Relocating Tips: Things to Know Before Moving to Boston

Things to Know Before Moving to BostonWhether you are relocating from another city or from the surrounding Massachusetts suburbs, Boston is a unique place! Here are some things to know as you make your transition.

Things to Know Before Moving to Boston

  • Inexpensive Housing. Not something you hear in Boston. Boston is one of the priciest urban areas and depending on where you are moving from, you might experience some sticker shock. But for some reason that doesn’t keep new residents away! We’ve fallen in love with urban living and the culture, proximity to shops, restaurants, and the vast career opportunities. More info
  • Think Fast. If you are looking to rent or buy, you don’t have a long time to contemplate your options Boston is fast moving. Not only are our sports teams competitive so is our real estate market. Be ready to apply, or make your offer before someone else swoops in! Explore available housing and let us help! More info
  • WalkUP. Boston is ranked #3 for walkable urbanism. Boston has and is experiencing a redevelopment of its central city which has resulted in this high ranking, and a reputation for walkability to urban offices, retail and multi-family rental space. It’s safe to say you could get by without having a car.
    More info
  • Parking. If you just can’t live without your car, be prepared. In certain Boston neighborhoods parking has been referred to as a “contact sport”, especially during the winter months. Resident parking stickers are required in certain neighborhoods so be sure to register and insure your vehicle in Massachusetts. In many neighborhoods more parking stickers are issued than parking spots exist. Learn more about parking and street regulations. More info
  • Public Transportation. Boston does offer several means of transportation, if you do decide to ditch your car. The Massachusetts Bay Transportation Authority (MBTA) manages the subway lines (what us Bostonians call the T), the city buses, the commuter rail, and ferries. All making it easy and fairly quick to get from point A to B. More info
  • Recreation.Boston lacks the major concrete jungle feel most cities have. We are lucky to have so much green and multi-use space scattered throughout the city. To name a few… Boston Harbor/Harbor Islands, Charles River Esplanade, Boston Public Garden, Boston Common, Lawn on D, Rose Fitzgerald Kennedy Greenway, Paul Revere Park, Arnold Arboretum, Emerald Necklace… you get the idea! More info
  • Pet Friendly. There are many pet friendly neighborhoods in Boston, and as mentioned above plenty of accessible green space for you and your pal to get outside and exercise. We consider pet friendly neighborhoods to be those not only close to city green space, but those with off leash areas, pet friendly businesses, and vet clinics. The top neighborhoods being Beacon Hill, Back Bay, Charlestown, South End, South Boston and The Waterfront.
  • Move In. July to September (aka RIGHT NOW!) are by far the busiest move in times. Apartment leases renew, move in for all of the 50+ colleges in the Metro Boston area occur, and families want to get settled in their new homes before sending the little ones back to school. Let’s just say it can be a chaotic time, but worth it to live in what we consider the BEST city!
  • Street Occupancy Permit. Moving is laborious and expensive, but this one expense will save you a major headache on the day of your move. If you have a big ole moving truck parked in the middle of a one way street in the South End… you might not win the favor of your new neighbors. Avoid this by obtaining a moving truck permit from city hall. More info
  • Moving Trucks. Something Bostonians find comical and even place bets on, is when the first moving truck will get wedged under the bridge on Storrow Drive. Our bet is September 1st… The lanes are narrow, the underpasses are low and the speed is decent. So remind your movers when they see the ‘NO TRUCKS OR BUSES’, ‘CARS ONLY’ and “CLEARANCE 10 ft” signs, not to chance it! Photos
  • The Bottom Line

    Relocating to a new city can be a challenge, but in our opinion you’ve picked the best city and once you have arrived it will all be worth it!

    Anna Roberts

    "I get great joy in seeing a happy client. If it requires going the extra mile to make it happen, I will do it." Anna Roberts, Operations Executive & Agent at Unit Realty Group.

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