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.
- 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)
- 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?
Real Estate Radio Boston is a weekly real estate program broadcast on WBZ News Radio 1030 each Saturday night hosted by mortgage broker Rick Scherer and real estate lawyer Ali Alavi.
Unit Realty Group’s very own Joe Schutt and Erik Schubert were guests on Real Estate Radio Boston’s “Show of Predictions 2015” recorded on January 3, 2015. Also featured on the broadcast was David McCarthy, broker and Greater Boston Association of Realtors, President.
Real Estate Radio Boston’s “Show of Predictions 2015”
Listen in to hear all the details about what mortgage broker Rick Scherer and real estate lawyer Ali Alavi foresee coming to Greater Boston real estate in 2015 such as changes to the appraisal process and the mortgage industry that you need to know about.
Additionally Joe Schutt, Erik Schubert and David McCarthy share what they believe the next year with bring to area real estate. Further guests share a bit about themselves and the real estate companies they represent.
Hear a recording of the broadcast here »
The following first-time homebuyer mortgage checklist will help get you started on the road to your new home because the primary thing you need to focus on is qualifying for a mortgage, since you’ll need to know how much house you can afford. Being pre-qualified also shows sellers that you’re serious about finding your new home!
- Qualifying Income – Must have 2 years of income history to qualify
- W2, self-employed or 1099 employee NOT bonus
- Self-employed? Net income = Qualifying income
- Not self-employed? Gross income = Qualifying income
- Rental Income – Must have 2 years of rental income history to qualify
- Other forms: Social security, commission, car allowances, child support, interest and dividend income. Be sure to see a mortgage professional for additional forms that may qualify.
- Different loan programs have different requirements
- FHA Loans: Can be approved with a credit score of 580
- Conventional Loans: Requires a credit score of 620 – Most lenders require a 640 credit score
- Good credit profile = Better rates – Anything over 740 is considered excellent
- Factors that weigh on your credit score: Payment history, outstanding credit balances, credit history, debit/credit ratio, type of credit, and inquiries.
The following assets may be resources for your down payment and must be verified by your lender:
- Savings/Checking account
- IRAs, thrift saving plans, 401(k) and Keogh accounts
- Stocks and bonds
- Savings bonds
- Gift funds
- Sale of personal property
- Downpayment assistance programs
- Sale of real estate
- Collateralized loans
- Disaster relief grants and loans
- Employer assistance programs
Approximately 5% of your down payment must come from the buyer on conventional loans.
- Employment history of at least 2 years
- Education counts as history
- Self-employment must be greater than 2 years by the same business
VIDEO: See what else you need to know in buying a Boston area home