Boston condos

Boston condos

As they say, hope springs eternal.

Heading into the spring real-estate season, many realtors predicted, or hoped, that the low inventory problems facing the market might ease a bit. The thinking went like this: Surely, potential sellers were seeing how they could fetch really great prices if they put their homes up for sale. So we’d probably see a stronger sales season this spring.

Well, it didn’t happen. The latest April data from the Massachusetts Association of Realtors shows inventory continuing to fall last month, amid high demand for homes and, consequently, escalating prices.

There’s indeed been “pockets of improvement” on the inventory front, but certainly not an overall improvement, that’s for sure.

From MAR’s press release this morning:

There were 3,221 detached single-family homes sold this April, which was down 7.2 percent from the 3,472 homes sold the same time last year. On a month-to-month basis, home sales were up 17.3 percent from 2,746 homes sold this past March.

The median selling price for single-family home in April was $320,000 which was up 2.3 percent from $312,750 in April 2013. …

There were 1,496 condominiums sold this past April, a decrease of 2.7 percent from the 1,537 condos sold the same time last year. …

The median selling price for condominiums in April was $318,900 which was up 11.7 percent from the $285,500 median price in April 2013.

The inventory of single-family homes as of April 30, 2014 decreased 12 percent from April 2013 (19,240 listings in 2014 from 21,858 listings in 2013) which translates into 4.6 months of supply in April 2014. This is down from 5.5 months of supply last year and up from 4.3 months in March. While this was the 26th straight month of inventory decreases, this was the smallest gap in the downward trend since June 2012.

The inventory of condominiums on the market in April was down 23.7 percent compared to the year before (5,156 listings in 2014 from 6,757 listings in 2013) …

Emphasis added above to show that, yes, there is a sign of improvement. Still, well, you get the picture.

Fyi: The S&P Case-Shiller Price Index came out yesterday. Its basic conclusion: Home price increases across the nation are starting to slow a bit. That’s good news for those trying to buy homes. Scroll down and you’ll see that the Boston area’s single-family prices increased by 8.2 percent in the first quarter of 2014, compared to a year ago.

UPDATE: The Warren Group has also released its numbers, showing a decline in sales last month (verifying MAR’s data) and yet a declining rate of price increases (confirming the S&P Case-Shiller data).

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Updated: December 2017

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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