Here’s December 2016’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
December 2016 Greater Boston Real Estate Market Trends
Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.
- December condo sales DOWN -1.0%
- Median prices UP +4.8% ($465,000)
- Condo inventory DOWN -28.6% to 994
- Listings added to the market DOWN -6.3% over last year (433 from 462 in 2015)
- December single-family home sales DOWN -10.2%
- Median prices UP +9.4% ($547,000)
- Single-family inventory DOWN -35.0% to 1,557
- Listings added to the market DOWN -29.5% over last year (390 from 553 in 2015)
- December multi-family home sales DOWN -7.5%
- Median prices UP +12.1% ($616,500)
- Multi-family inventory DOWN -58.6% over last year (175 from 423 in 2015)
- Listings added to market DOWN -33.3% over last year (100 from 150 in 2015)