0 May 2017 Greater Boston Real Estate Trends

Here’s May 2017’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.


May 2017 Greater Boston Real Estate Market Trends

Sales of single-family detached homes experienced a modest 2.2 percent decline in year-over-years sales in May, as 1,221 homes were sold compared to 1,249 homes sold in May 2016. Despite this softening of sales, this was the fourth highest sales volume on record for the month of May and was comfortably above the historical monthly average of 1,131 homes sold. The condo market had a similar cooling in sales volume as 1,074 units were sold last month, which compared to 1,122 condos sold in May 2016 is a 4.3 percent decrease. This was the sixth highest condo sales volume in May and was also above the historical average sales volume of 1,027 units sold.

Condominium
  • May condo sales DOWN -4.3%
  • Median prices UP 8.9% ($525,381)
  • Active Listings DOWN -21.1% to 1,774
  • Listings added to the market UP 10.5% over last year (1,619 from 1,4865 in 2016)
Single-Family
  • May single-family home sales DOWN -2.2%
  • Median prices UP 13.1% ($600,000)
  • Active Listings DOWN -29.6% to 2,978
  • Listings added to the market UP 8.0% over last year (2,280 from 2,111 in 2016)

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

 

May 2017 Greater Boston Real Estate Trends Report

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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April 2017 Greater Boston Real Estate Market Trends

Here’s April 2017’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.


April 2017 Greater Boston Real Estate Market Trends

A continued shortage of homes for sale and rising prices throughout Greater Boston have softened overall sales of single-family homes and condominiums in April according to data released from the Greater Boston Association of REALTORS® (GBAR).

Sales of single-family detached homes saw a 9.4 percent drop in year-over-year sales in April, as 844 homes were sold compared to the 932 homes sold in April 2016, which is a 9.4 percent drop. This is the ninth highest sales total on record for Greater Boston and is slightly lower than the monthly historical average of 867 homes sold. In the condo market, there were 734 units sold in April 2017, which was an 11.5 percent decrease from the 829 units sold in April 2016. Last month’s condo sales were the tenth highest on record and fell short of the historical monthly average of 797 units sold.


The lack of inventory is continuing to hinder sales activity as there simply aren’t enough homes on the market to satisfy buyer demand. The competition for limited supply of listings is creating multiple offer situations which is driving up prices beyond the reach of some buyers, especially those at the entry level.

Condominium
  • April condo sales DOWN -11.5%
  • Median prices UP 9% ($523,500)
  • Active Listings DOWN -27.3% to 1,655
  • Listings added to the market DOWN -5.5% over last year (1,402 from 1,484 in 2016)
Single-Family
  • April single-family home sales DOWN -9.4%
  • Median prices UP 12.3% ($595,000)
  • Active Listings DOWN -32.3% to 2,768
  • Listings added to the market DOWN -8.3% over last year (1,970 from 2,149 in 2016)

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

 

Greater Boston April 2017 Real Estate 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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Buyer Demand is Growing

Your house is wanted!

Most of you are familiar with the basic economic principle of supply and demand. When the demand for a particular item is greater than the supply of that item, the price will surely rise.

This principle couldn’t be more true in the current Boston real estate market. The demand to buy a home is strong and getting stronger while the supply of inventory is well below historic norms.

Buyers are facing a very competitive market in which they are competing with multiple buyers for their dream homes. That is if they are even able to find a home they wish to purchase. With such a shortage of new and active listings, homes that are on the market are being snatched up quickly at top dollar!

In this market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction. Listing your house for sale now will allow you to capitalize on the shortage of homes for sale, which will translate into a better pricing situation.

Bottom Line: You as a potential seller, have a leg up! Consider listing your home.

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

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