January 2018 Greater Boston Real Estate Market Trends

Here’s January 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.


January 2018 Greater Boston Real Estate Market Trends

Despite plummeting temperatures and seasonal interruptions, the Greater Boston housing market showed few signs of cooling down in January, as home and condo sales remained near record levels and home prices continued to rise amidst a continued shortage of homes for sale, according to data issued from the Greater Boston Association of REALTORS® (GBAR).
The detached single-family home market saw a slight decline in sales in January as 787 homes were sold compared to the 836 homes sold in January 2017. This is a 5.9 percent drop; however, it is the fifth highest sales total on record, and remains above the 15-year historical sales average for January of 699 homes sold. In the condo market, sales experienced a more modest decrease in sales volume of 2.2 percent from 624 condos sold in January 2017 to 610 sold January 2018. This was also comfortably above the monthly average of 537 sold condos and is the fourth highest sales total on record for the month.

Condominium
  • January condo sales DOWN -2.2%
  • Median prices UP +3.0% ($520,000)
  • Active Listings DOWN -19.9% to 1,173
  • Listings added to the market DOWN -11.1% over last year (736 in 2018 from 828 in 2017)
Single-Family
  • January single-family home sales DOWN -5.9%
  • Median prices UP 6.0% ($551,000)
  • Active Listings DOWN -24.3% to 1,525
  • Listings added to the market DOWN -12.9% over last year (776 in 2018 from 891 in 2017)

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

 

January Boston Real Estate Market 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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US Homes Regained Significant Equity Over the Past 12 Months

712,000 Homes In The US Regained Equity

Back in July on the blog, I discussed the buy vs. rent debate which concluded that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. My recommendation was that it may be worthwhile to buy due to home values appreciating, and homeowner equity rising. This still remains true, as the latest Equity Report from CoreLogic revealed that 712,000 borrowers moved into positive equity.

The average homeowner gained approximately $14,900 in equity during the past year. This is great news for the housing market. Homeowner equity increased by almost $871 billion over the last 12 months, the largest increase in more than three years. Of the 95.1% of homeowners with positive equity in the U.S., 82.9% have significant equity (defined as more than 20%). This means that more than three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.

The map below created by the KCM Crew shows the percentage of homes by state with a mortgage and significant equity. Note that Massachusetts is at 86.5%

Equity Chart

If you are debating selling or buying I would be happy to meet with you and help evaluate your options.

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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December 2017 Greater Boston Real Estate Market Trends

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


December 2017 Greater Boston Real Estate Market Trends

Sales of detached single-family homes and condominiums softened in December amid appreciating home prices and rising inventory, according to data released today by the Greater Boston Association of REALTORS® (GBAR).



The 1,027 single-family detached homes sold in December 2017 was a 9.7 percent decrease in sales from the 1,137 homes sold in December 2016. This total was the seventh-highest on record for the month of December, and is above the monthly sales average since 2003 of 984 homes sold. The condo market also experienced a decrease in sales as 793 units were sold in December 2017, which reflects a 14.3 percent drop in sales from the 925 units sold in December 2016, which is also the record high for December. This was the eighth most active December on record for condo sales and sits above the historical monthly average of 772 units sold.

Condominium
  • December condo sales DOWN -14.3%
  • Median prices UP +15.8% ($542,000)
  • Active Listings UP +7.3% to 1,441
  • Listings added to the market -18.8% over last year (358 in 2017 from 441 in 2016)
Single-Family
  • December single-family home sales DOWN -9.7%
  • Median prices UP 8.1% ($589,000)
  • Active Listings UP +17.5% to 2,311
  • Listings added to the market UP +1.8% over last year (405 in 2017 from 398 in 2016)

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

 

2017 December Market 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+

More Posts - Website

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