Here’s May 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
May 2018 Greater Boston Real Estate Market Trends
Steady price appreciation, rising interest rates and a shortage of homes for sale in Greater Boston resulted in slower sales of single-family homes and condominiums in May according to data released by the Greater Boston Association of REALTORS® (GBAR).
Sales of single-family detached homes experienced a modest 2.4 percent decline in year-over-year sales in May, as 1,217 homes were sold compared to 1,247 homes sold in May 2017. Despite this softening of sales, this was the fifth highest sales volume on record for the month of May and reflects a 43 percent increase over the 853 homes sold in April. The condo market had a similar cooling in sales volume as 1,060 units were sold last month, which compared to 1,091 condos sold in May 2017 is a 2.8 percent decrease. This was the eighth highest condo sales volume in May and reflects a 23 percent gain in units sold from 859 one month earlier.
- May condo sales DOWN -2.8%
- Median prices UP +4.8% ($550,000)
- Active Listings DOWN -0.3% to 1,955
- Listings added to the market UP +7.5% over last year (1,738 from 1,617 in 2017)
- May single-family home sales DOWN -2.4%
- Median prices UP +5.4% ($629,000)
- Active Listings DOWN -5.3% to 3,080
- Listings added to the market UP +9.6% over last year (2,506 from 2,287 in 2017)