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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.
- 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)
- 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?
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.