After underperforming for much of the first half of the year, the Greater Boston housing market kicked into high-gear last month, as both sales and median selling prices of single-family homes and condominiums rose steadily on an annual basis in June, according to data from the Greater Boston Association of Realtors (GBAR).
All major regions experienced sales gains in June, according to the National Association of Realtors (NAR). Existing-home sales increased 3.2 percent to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high. Sales are currently at their highest pace since February 2007 and are up 9.6 percent above a year ago.
With the exception of a couple of weeks around the time of graduations and the Memorial Day Weekend theres been no real softening of interest or foot traffic among buyers this spring , stated GBAR President David McCarthy.
In Boston, Last months sales total was the fourth best on record for the month of June, and the busiest June for condo sales in eight years, surpassed only by June 2004, 2005 and 2007.Sales of detached single-family homes increased 10 percent on an annual basis in June 2015. Its the second highest June sales total on record.Activity also improved a healthy 6.9 percent in the condo market.
Key market metrics for the month of June & year-to-date figures for Single-Family Homes Only
| June 2014 | June 2015 | +/- | YTD 2014 | YTD 2015 | +/- | |
| Closed Sales | 1,683 | 1,853 | +10.1% | 5,714 | 5,727 | +0.2% |
| Median Sales Price | $510,000 | $526,328 | +3.2% | $455,000 | $478,500 | +5.2% |
| Days on Market Until Sale | 59 | 60 | +2.0% | 74 | 79 | +7.2% |
Key market metrics for the month of June & year-to-date figures for Condominiums Only
| June 2014 | June 2015 | +/- | YTD 2014 | YTD 2015 | +/- | |
| Closed Sales | 1,269 | 1,356 | +6.9% | 4,845 | 4,482 | -7.5% |
| Median Sales Price | $439,900 | $459,900 | +4.5% | $415,500 | $447,670 | +7.7% |
| Days on Market Until Sale | 46 | 42 | -10.0% | 58 | 55 | -5.7% |
If todays home values as a true measure of buyer demand and consumer confidence in housing, than Boston area real estate has never been more desirable, McCarthy observed.
Notably, while inventory for single-family homes and condos continued to decline from year ago levels in June, the decrease in the number of homes and condos for sale was more modest than for any other month this year, with the number of single-family listings sliding. In addition, new listings for both detached single-family homes and condos improved on a year-to-year basis last month.
Key market metrics for the month of June & year-to-date figures for Single-Family Homes Only
| June 2014 | June 2015 | +/- | YTD 2014 | YTD 2015 | +/- | |
| Inventory of Homes For Sale | 4,224 | 3,624 | -14.2% | |||
| New Listings | 1,995 | 2,376 | +18.9% | 10,574 | 10,632 | +0.5% |
Key market metrics for the month of June & year-to-date figures for CondominiumsOnly
| June 2014 | June 2015 | +/- | YTD 2015 | YTD 2015 | +/- | |
| Inventory of Homes For Sale | 2,002 | 1,658 | -17.2% | |||
| New Listings | 1,324 | 1,537 | +16.1% | 7,393 | 7,472 | +1.1% |
As the supply levels begin to improve, that will create more opportunities in the market for buyers going forward, and thats evident from the latest pending sales data, which shows the number of single-family homes placed under contract increased 28.8 percent over the past 12 months to a new all-time monthly record of 1,952 in June. Additionally, in the condo market, pending sales improved 25 percent in the past year to 1,429 in June 2015, the highest total for any month since May 2005.
The sharp increase in home sales can be attributed in part to todays strong local economy, record low mortgage rates and recent growth in new house hold formation. Now is a great time to sell, the demand to buy has led to multiple bidders and homes selling at or above the asking price proving this to be true.
About the Greater Boston Association of Realtors: The Greater Boston Association of REALTORS (GBAR) represents over 6,500 real estate professionals throughout the Greater Boston and Eastern Massachusetts area and is one of the local boards of the National Association of REALTORS the largest trade association in America. GBAR provides professional development courses, standard forms, legal reports and updates, brokerage counseling, legislative and regulatory representation, ethics, mediation and arbitration services, as well as recognition awards. REALTORS subscribe to the strict Code of Ethics of the National Association of REALTORS.
