Here’s October 2016’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
October 2016 Greater Boston Real Estate Market Trends
As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.
- October condo sales DOWN -1.3%
- Median prices UP +5.3% ($479,238)
- Condo inventory DOWN -21.2% to 1,616
- Listings added to the market DOWN -7.8% over last year (1,063 from 1,153 in 2015)
- October single-family home sales DOWN -15.0%
- Median prices UP +10.8% ($526,300)
- Single-family inventory DOWN -26.4% to 2,769
- Listings added to the market DOWN -16.4% over last year (1,274 from 1,524 in 2015)
- October multi-family home sales DOWN -9.0%
- Median prices UP +8.1% ($616,000)
- Multi-family inventory DOWN -51.6% over last year (297 from 614 in 2015)
- Listings added to market DOWN -24.4% over last year (232 from 307 in 2015)