December 2018 Greater Boston Real Estate Market Trends

Here’s December 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.


December 2018 Greater Boston Real Estate Market Trends

Sales of single-family detached homes and condominiums softened in December as higher mortgage rates, instability in the financial markets, and a seasonal decline in the supply of homes for sale led to reduced buyer demand according to data issued by the Greater Boston Association of REALTORS® (GBAR).

In December, a total of 965 single-family detached homes were sold in metropolitan Boston which is an 8.4 percent decline from the 1,053 homes sold in December 2017. The condo market took a similar path, as it experienced an 11.5 percent decline on an annual basis, dropping from 826 units sold in December 2017 to 731 this December.

For year-end totals, 13,568 homes were sold in a Greater Boston in 2018, a 2.2 percent decrease from the 13,867 homes sold in 2017. The condo market experienced a similar decline of 1.7 percent from 11,025 unites sold in 2017 to 10,837 in 2018.

Condominium
  • December condo sales DOWN -11.5%
  • Median prices 0.0% ($539,900)
  • Active Listings UP +22.0% to 1,476
  • Listings added to the market DOWN -3.4% over last year (345 from 357 in 2017)
Single-Family
  • December single-family home sales UP -8.4%
  • Median prices UP +0.2% ($590,000)
  • Active Listings UP -2.6% to 1,677
  • Listings added to the market UP +3.9% over last year (422 from 406 in 2017)

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

 

December 2018 Greater Boston Market Trends

Joe Schutt

Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

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Don’t Get Caught in the Rental Trap!

I couldn’t relate the values of homeownership any better than our friends at the KCM Blog so here’s a repost of their latest update.

values of homeownership v. rental trap

There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.

Don’t Become Trapped

Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that,

“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”

In the Joint Center for Housing Studies at Harvard University’s 2015 Report on Rental Housing, they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare.

It’s Cheaper to Buy Than Rent

In Smoke’s article, he went on to say,

“Housing is central to the health and well-being of our country and our local communities. In addition, this (rental affordability) crisis threatens the future value of owned housing, as the burdensome level of rents will trap more aspiring owners into a vicious financial cycle in which they cannot save and build a solid credit record to eventually buy a home.”

“While more than 85% of markets have burdensome rents today, it’s perplexing that in more than 75% of the counties across the country, it is actually cheaper to buy than rent a home. So why aren’t those unhappy renters choosing to buy?”

Know Your Options

Perhaps you have already saved enough to buy your first home. HousingWire reported that analysts at Nomura believe:

“It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment.

It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.” (emphasis added)

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream home. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Let’s get together to determine if you could qualify for a mortgage now!

Joe Schutt

Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

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Mobile Boston Real Estate App With “Near Me” Search [VIDEO]

Attention all you mobile Boston real estate shoppers, when you’re on the go and want to see what’s for sale near you, jump over to unitboston.com on your smartphone—there’s nothing to download, or install.

With our app you can search for properties in a radius of your choice around where you are using our completely mobile optimized interface. Watch the short video above to see the app in action.

Mobile Boston Real Estate Search “Near Me”

Beyond just finding out what’s on the market near where you are, you’ll see:

  • Open house information for homes near you
  • All the property details and information straight from MLS
  • Listing pictures and videos
  • Virtual tours and floor plans
  • Plus right from the app you can:

  • Contact an agent
  • Schedule a showing without having to make a phone call
  • Share listings with your contacts
  • Add listings to favorites
  • Make notes
  • You can even add an app icon to your smartphone’s home screen to make future mobile searches easier to initiate
  • Check out our app the next time you’re on the go and ready to try a forward thinking mobile Boston real estate solution.

    mobile Boston real estate

    Joe Schutt

    Committed to representing your interests with the highest level of integrity, I am dedicated to service excellence focused on personal attention and building a solid trust relationship. I listen carefully and make my clients feel comfortable in exploring their full range of real estate options and then encourage them to relax and rely on my expertise to insure that the details run smoothly and efficiently. Google+

    More Posts - Website

    Follow Me:
    TwitterFacebookLinkedInPinterestGoogle PlusYouTube