Here’s March 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
March 2018 Greater Boston Real Estate Market Trends
A limited supply of homes for sale, appreciating home values, and rising mortgage rates tempered sales of single-family homes and condominiums at the start of this spring real estate season from a year ago levels in Greater Boston, according to data issued from the Greater Boston Association of REALTORS® (GBAR).
Sales of detached single-family homes saw a year-over-year decline of 13.1 percent in March as 728 homes were sold compared to the 838 homes sold in March 2017. This year’s sales total is the tenth highest figure on record for the month of March and is a 51.7 percent increase on the February 2018 sales total of 480 homes sold. The condo market also experienced a decline in sales of 10.3 percent from 823 in March 2017 to 738 in March 2018. March condo sales total is the eighth highest on record for the month and is also a 58.4 percent increase on the 466 condos units sold in February 2018.
- March condo sales DOWN -10.3%
- Median prices UP +6.3% ($547,608)
- Active Listings DOWN -22.9% to 1,316
- Listings added to the market DOWN -13.9% over last year (1,247 from 1,449 in 2017)
- March single-family home sales DOWN -13.1%
- Median prices UP 4.9% ($579,950)
- Active Listings DOWN -22.9% to 1,970
- Listings added to the market DOWN +16.8% over last year (1,576 from 1,894 in 2017)