Despite a short supply of homes and condos on the market in Greater Boston, sales of single-family homes and condos increased last month, according to a market report the Greater Boston Association of Realtors released Thursday.
Single-family sales increased 5.8 percent, from 1,560 homes sold in July 2017 to 1,651 last month. There was a 7 percent rise in condo sales, from 1,168 units in July 2017 to 1,250 last month. Multifamily home sales saw an even bigger jump — a 19.1 percent increase with 243 properties sold.
Inventory is incredibly low: Active listings of single-family homes fell 8 percent, from 3,011 in July 2017 to 2,770 last month. The number of condos on the market dropped 10.4 percent, from 1,923 in July 2017 to 1,723 units last month.
All of this follows an especially hot June, when median selling prices in the area hit a record high for that month. It was the same story in July. Median selling prices in Greater Boston hit record highs that month. The median sales price for single-family homes rose 7.7 percent, from $601,500 in July 2017 to $647,680 last month. Condo prices increased 13.2 percent from $530,000 in July 2017 to $600,000 last month.
“Prices continue to meet new heights month after month, but that hasn’t slowed down buyers, as many are eager to purchase a home while mortgage rates remain low,” said Marie Presti, association president and broker/owner of The Presti Group in Newton and Stoneham. “We simply don’t have the inventory needed to satisfy demand, so it remains a great time to list your home for sale here in Greater Boston.”
“The market remains red hot, and two of the key factors driving sales are the strong local economy and favorable demographics, including large numbers of millennials looking to entry the housing market for the first time after years of renting or living in the home they grew up in,” Presti added.
How did your community fare?
These communities saw an 8.1 percent increase in the median single-family selling price, from $740,000 in July 2017 to $800,000 last month. Condo prices went up 5.4 percent, from $404,000 in July 2017 to $426,000 last month.
These communities saw an 8 percent increase in the median single-family selling price, from $565,000 in July 2017 to $610,000 last month. Condo prices rose slightly (0.2 percent), from $439,000 in July 2017 to $440,000 last month.
The selling price for single-family homes increased 7.6 percent, from $688,000 in July 2017 to $740,000 last month. Condo prices rose significantly (15 percent), from $600,000 in July 2017 to $690,000 in July 2018.
The median selling price for a single-family home rose 9.4 percent, from $630,000 in July 2017 to $689,000 last month. Condo prices were up similarly (9.9 percent), from a median of $373,000 in July 2017 to $410,000 last month.
The median selling price for a single-family home here was $484,750 last month, a 7.7 percent increase from $450,000 in July 2017. Condo prices rose a whopping 32.1 percent, from $242,250 in July 2017 to $320,000.
City of Boston
The median selling price for a single-family home here was $618,250 last month, a 5.7 percent increase from $585,000 in July 2017. Condo prices went up 18.4 percent, from $585,000 in July 2017 to $692,500.
“The Greater Boston housing market is among the most desirable in the country right now for buyers as well as investors, and that’s evident in the strong appreciation in home prices over the past year and the fact that many are willing to pay top dollar to purchase a home here,” Presti said.