Single-family homes and condos are spending more time on the market, according to a report the Greater Boston Association of Realtors released Wednesday.
In August, single-family homes took 50 days to sell, a 16.3 percent increase from August 2018, according to the report. Condos spent 47 days on the market, a 20.5 percent year-over-year jump.
“We are starting to see more buyers act with less urgency and exercise more caution before making an offer to purchase,” Jim Major, association president and an agent with Century 21 North East in Woburn, said in a news release. “There has been a steady increase in condo listings on an annual basis for each of the past 12 months, and with home prices moderating and mortgage rates steady, buyers aren’t feeling pressured to make as quick a decision to buy as they did last spring or a year ago.”
The median sale price was up slightly for single-families, hitting $640,000 in August, a 2.5 percent increase. The news was not as good for condo sellers: The median sale price for a unit was $565,000, a 1.7 percent slip.
“We’re seeing a number of communities in Greater Boston wherein home prices have either peaked or begun to decline, and that’s good news for home buyers and the overall health of the housing market,” Major said. “After experiencing a strong seller’s market for the past three years, we are now seeing the beginnings of a more balanced market between supply and demand. As a result, homes need to be competitively priced for today’s market conditions or they won’t sell nearly as quickly.”
Statewide, the median sales prices for single-family homes and condos rose, according to a new report from The Warren Group, publisher of Banker & Tradesman. The median cost of a single-family in the state hit $420,000, a record for the month of August and a 4.7 percent year-over-year increase.
“The median single-family home price continued to break records during the last full month of closings for the summer,” said Tim Warren, CEO of The Warren Group. “Sales were down in August for the third consecutive month. This year marks the third consecutive year of modest declines in home sales. Everyone is trying to figure out if this is a sign of a slowing market or simply a lack of inventory. I’m betting on a strong local economy and job growth to keep housing hot for another year.”
The median price of a condo also hit a record high of $401,000 for August, according to the Warren Group report. “With new developments planned and under construction in the Greater Boston area, the statewide condo market may continue to set new records in the near future,” Warren said.
How did your community fare? Here’s the Greater Boston Association of Realtors’ breakdown for 64 communities:
These communities saw a negligible percent decrease (0.1 percent) in the median single-family selling price, from $850,000 in August 2018 to $848,750 in August 2019. Condo prices jumped 18 percent, from $404,500 in August 2018 to $477,350. Single-family homes spent an average of 64 days on the market. For condos, it was 58.
These communities saw a 5 percent increase in the median single-family selling price, from $595,450 in August 2018 to $625,000 in August 2019. Condo prices slipped 4.7 percent, from $482,450 in August 2018 to $460,000 in August 2019. Single-family homes spent an average of 40 days on the market. For condos, it was 34.
The selling price for single-family homes rose 0.6 percent, from $730,500 in August 2018 to $735,000 in August 2019. Condo prices decreased 4.5 percent, from $670,000 in August 2018 to $640,000. Condos spent an average of 48 days on the market. For single-family homes, that number was 42.
The median selling price for a single-family home rose 1.5 percent, from $655,000 in August 2018 to $665,000 in August 2019. Condo prices slipped 2.8 percent, from $437,250 in August 2018 to $425,000 in August 2019. Single-family homes spent an average of 57 days on the market. For condos, it was 42.
The median selling price for a single-family home here was $498,000 in August 2019, a 5.4 percent increase from the August 2018 price of $472,450. Condo prices jumped 15.1 percent, from $315,000 in August 2018 to $362,500. Condos spent an average of 49 days on the market. For single-family homes, it was 51.
City of Boston
The median selling price for a single-family home here was $657,500 in August 2019, a 1.8 percent increase from $645,989 in August 2018. Condo prices fell 8.4 percent, from $692,000 in August 2018 to $634,000. Single-family homes spent an average of 42 days on the market. For condos, it was 52.