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Real Estate News: Sales Prices Increase in April to Record Highs

Elevated buyer activity, strong consumer confidence and low inventory has led to increased sales and prices of single-family detached homes and condominiums in April throughout Greater Boston, according to data from the Greater Boston Association of REALTORS (GBAR).

Throughout the spring, weve seen a steady rise in sales matched by continued price growth as buyer demand in our region remains high, said GBAR President Andrew Sarno. The strong economy and job market, paired with rising home values throughout Greater Boston, has led to an increase in consumer optimism and confidence when buying a home, as evidenced by the rise in buyer activity.

Last month, sales of detached single-family homes improved on an annual basis for the eleventh consecutive month increasing 21 percent from the 762 homes sold in April 2015 to 922 this year.This represents the highest single-family home sales total for April since 2010 when there were 975 homes sold.

Greater Boston Single-Family Market Overview

April 2015 April 2016 +/-
Closed Sales 762 922 +21.0%
Median Sales Price $512,250 $530,000 +3.5%
Days on Market Until Sale 78 70 -10.3%
New Listings 2,472 2,131 -13.8%

Condominium sales also rose 18 percent last month, from 690 units sold in 2015 to 814 this year. Last months condo sales number is slightly above average historical condo sales volume of 801 in our market, and the seventh highest total for the month since 2003.

Greater Boston CondominiumMarket Overview

April 2015 April2016 +/-
Closed Sales 690 814 +18.0%
Median Sales Price $436,000 $480,000 +10.1%
Days on Market Until Sale 59 46 -22.0%
New Listings 1,732 1,473 -15.0%

In each market, median sales prices increased in April setting record high prices in our region. Sarno added that many multiple offer situations has benefitted sellers in the form of higher home values and steady price appreciation.

Except for a few cold days, the spring buying season essentially started in January, said 2016 MAR President Annie Blatz. All this early activity pushed closed sales to a new high for the month of April and prices followed.

Unlike March, inventory numbers in April declined slightly in both markets.As we enter the summer months, the early start to the busy spring season may also be the cause of lower inventory seen in April.

Source: Greater Boston Association of Realtors. Findmore information 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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