The most recent June housing data displays a promising picture of the housing market in Massachusetts. In fact, the number of closed homes in June of 2016 has reached a record high since that of 2004. Additionally, the median price of single family homes has climbed to $380,000 for the first time.
Looking more specifically to the Greater Boston housing market, the area saw record-high sales activity in June as low mortgage rates, rising home values and a healthy job market kept buyer demand strong, according to data released by the Greater Boston Association of REALTORS (GBAR).
In Greater Boston, sales of detached single-family homes improved on an annual basis for the thirteenth consecutive month representing a new record-high total of single-family home sales for the month of June eclipsing the previous monthly high of 1,888 from June 2004.
Greater Boston Single-Family Market Overview
|Median Sales Price||$560,000||$585,000||+4.5%|
|Days on Market Until Sale||52||49||-5.8%|
Meanwhile, condominiums sales remained flat, falling short of last years total by one unit sold; last months sales total represents the third highest total in June for Greater Boston, with the high coming in 2005 with 1,546 condo units sold.
Greater Boston CondominiumMarket Overview
|June 2015||June 2016||+/-|
|Median Sales Price||$460,000||$505,000||+9.8%|
|Days on Market Until Sale||39||41||+5.1%|
The desirability for homeownership in Greater Boston is extremely high, and with a thriving local job market and economy, weve seen buyer motivation and consumer confidence continue to trend upwards and that is reflected by these high sales totals, said GBAR President Andrew Sarno. Consumers are taking advantage of the increased equity from the rising home values and low mortgages rates as well, so despite higher median sales prices; the market has remained very active.
The single-family median sales price rose to an all-time record high median sales price of $585,000 last month. This represented the twenty-first consecutive month that the single-family median sales price has improved. Similarly, in the condo market median sales price increased to an all-time high $505,000 up from $460,000 in June 2015.
As demand continues to exceed supply, many buyers have found themselves in multiple offer situations with the added pressure of buying before further potential price increases, noted Sarno. Despite this, buyer activity remains high, and although pending sales declined slightly, numbers remain well above historical averages for the month of June.
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.