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Boston Real Estate News: Near Record Levels of Activity in July

The Massachusetts Association of REALTORS (MAR) reported that ongoing buyer activity in the spring pushed single-family home sales up in July over 19 percent compared to the same time last year. This is the biggest year-over-year increase since September 2013. Busy buyers in the spring means closed sales in the summer and it was a very busy spring in Massachusetts, said 2015 MAR President Corinne Fitzgerald.

Looking more specifically to the Greater Boston area, sales and median prices of single-family homes and condominiums each rose steadily on an annual basis in July according to data from the Greater Boston Association of Realtors (GBAR).

Single-Family Market

July 2014 July 2015 +/-
Closed Sales 1,739 1,895 +9.0%
Median Sales Price $505,000 $530,000 +5.0%

Condominium Market

July 2014 July 2015 +/-
Closed Sales 1,196 1,323 +10.6%
Median Sales Price $419,000 $460,000 +9.8%

July recorded the highest sales volume ever in Greater Boston with a 9 percent increase on an annual basis of detached single-family homes from 1,739 homes closed last July to 1,895 in July 2015. Activity improved an even healthier 10.6 percent in the condo market, climbing from 1,196 condominiums sold in July 2014 to 1,323 this July.

Its been an exceptionally busy summer in all segments of the market. Weve seen more new listings come on the market than normal the past two months, and the potential for an increase in interest rates this fall is also helping to motivate prospective buyers stated GBAR President David McCarthy.

Single-Family Market

July 2014 July 2015 +/-
Inventory of Homes for Sale 4,153 3,593 -13.5%
Days on Market Until Sale 56 55 -3.5%
New Listings 1,498 1,714 +14.4%

Condominium Market

July 2014 July 2015 +/-
Inventory of Homes for Sale 1,924 1,590 -17.4%
Days on Market Until Sale 50 41 -19.5%
New Listings 1,064 1,077 +1.2%

Inventory for single-family homes and condos continued to decline from year ago levels in July, the decrease in the number of homes and condos for sale was more modest than for any other month this year. Notablynew listings for both detached single-family homes and condos improved on a year-to-year basis last month, with a 14.4 percent increase in number of single-family homes listed for sale and a 1.2 percent gain in the number of condos added to the market this July compared to July 2014. As the supply levels build, that will create more opportunities in the market for buyers going forward.

The strength of the Boston area housing market and desirability for home ownership is self-evident when you see buyer demand reaching record levels at the same time local home prices are soaring, McCarthy observed.

The residential real estate market in Boston saw near record levels of activity last month as a strong local labor market, low mortgage rates, and rising home values gave consumers the confidence to enter the housing market.

Find more in-depth July market data for the Greater Boston area here.

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.

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