The following is from The Greater Boston Association of Realtors
Despite limited inventory and escalating Boston home values, sales of single-family homes and condominiums rose on an annual basis for a fifth consecutive month in January.
Last month’s sales totals set new all-time highs for January across the 64-community GBAR jurisdiction, with single family home sales increasing 13.5 percent on a year-over-year basis from 772 homes sold in last January to 876 in January2021. Similarly, condominium sales rose 9.1 percent over the same month one year earlier, climbing from 689 units sold.
While condominium sales saw a 32.1 percent decrease from the 1,107 condos sold during December 2020. “The start of each year typically brings a lot of anticipation about the approaching spring market
The current market conditions bode well for prospective home sellers, with median selling prices rising to record highs for the month of January. In the single-family home market, the median sales price rose 11.6 percent over the past year. In the condo market, the median sales price also increased on an annual basis, but much more modestly so, appreciating 1.2 percent, from $577,500 in January 2020 to $584,500 this January 2021.
The condominium median sales price also rose on a month-by-month basis by 2.9 percent from $568,000 in December, but in the single-family home market the median selling price was essentially stable, slipping 0.7 percent from $680,000.
The lack of for sale inventory is most acute in the single-family home market where active listings are down 35.2 percent from a year ago, declining from 1,496 properties for sale in January 2020 to 970 last month. Meanwhile, condo listings have increased over the past year along with the desire for more living space, with units for sale up by about 400 units, or
24.5 percent, from 1,677 units on the market last January to 2,088 in January 2021.