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MA Housing Report.

MA Housing Report. The median price for a single-family home in Massachusetts reached an all-time high in June.

The increase in the median single-family home price was driven by both homebuyer demand and limited inventory, according to The Warren Group’s MA June 2021 Sales Report.

June’s median home price was $555,000, up 26.1% year over year from $440,000 a year earlier and 29.4% over the June 2019 price of $429,000. June was the third consecutive month home prices were above $500,000. There were 6,959 home sales in June, an increase of 38.1% from June 2020 and up 6.6% compared to May 2019 sales.  

“Homes put under agreement in this year’s extraordinary spring market typically close over the summer months,” The Warren Group CEO Tim Warren said in a release. “June’s closed sales show just how extraordinary 2021 is turning out to be. High buyer demand, record low-interest rates, and dwindling inventory won’t be changing any time soon, and median sale prices will likely continue to break records this summer and fall.”

The median condo price also reached an all-time high for June, rising 22.3% year over year to $489,000, marking the 11th consecutive month condo prices were over $400,000. That price represents a 16.4% increase from June 2019. There were 3,169 condominium sales last month, up 74.3% from June 2020 and 21% compared to June 2019. 

“The numbers don’t lie,” Warren said. “Housing activity in urban centers, which is heavily dominated by the condo market, is back after taking a considerable hit during the second quarter last year. A total of 3,169 sales marked the most condo sales we’ve seen since June 2006, when the median condo price was less than $300,000.”

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The following information is from Massachusetts Asssociation of Realtors (MAR) web site.

Inventory and Days on Market:
The inventory of residential properties on the market as of March 31, 2009 decreased 21 percent compared to the same time last year (from 48,704 listings in 2008 to 38,400 listings in 2009). At the current sales pace, this represents approximately 12.3 months of supply, a decrease from 14.2 months of supply in March 2008. On a month-to-month basis, the average months of supply is down from 15.6 months in February 2009. It is considered a balanced market when there are between 7.5 and 8.5 months of supply.

“When well-priced homes come on the market they are selling fairly quickly. Unfortunately, we are seeing a shortage of those types of marketable properties,” said Rogers (MAR President)

The inventory of single-family homes decreased 19 percent from March 2008 (32,869 listings in 2008 to 26,700 listings in 2009) which translates into 12.0 months of supply in March 2009. This is down from 14.1 months of supply last year and down from 15.4 months of supply in February 2009.

The condominium market saw March inventory decrease by 26 percent from last year (15,835 listings in 2008 to 11,700 listings in 2009), which translates into 13.3 months of supply, down from 14.5 months in March 2008 and down from 16.0 months this past February.

Detached single-family homes stayed on the market an average of 156 days in March 2000 compared to an average of 162 days in March 2008, while condos stayed on the market an average of 158 days, up from an average of 168 days in March 2008. On a month-to-month basis, days on market for single-family homes were up from 153 days and condos were down significantly from 187 days in February.

Quarterly Information:
The number of single-family homes sold in the first quarter of 2009 was down 9.3 percent compared to the same time last year (6,183 homes sold in 2008 to 5,610 homes sold in 2009). Median selling prices were down 18.7 percent from $315,000 in 2008 to $256,000 in 2009.

The condominium market experienced a drop of 21.5 percent in the number of units sold in the first quarter compared to the same quarter last year with 2,774 units sold in 2008 to 2,178 units sold in 2009. Median selling prices were down 18.3 percent from $263,000 in 2008 to $215,000 in 2009.

The multi-family market saw a 52 percent increase in the number of first-quarter sales compared to the same time last year with 1,059 homes sold in 2008 and 1,610 homes sold in 2009. Median selling prices were down 29.2 percent compared to the first quarter last year from $240,000 in 2008 to $170,000 in 2008.

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