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What’s going on with Boston condo prices?

The number of sales, as well as the price of single-family homes and condos, continued to rise in the Boston area last month. 

April was the eighth consecutive month of home and condo sales growth, as the median price rose to a record high on top of low inventory levels, according the Greater Boston Association of Realtors’ latest report. 

GBAR officials attributed the increased market activity and consumer confidence to strong first-time homebuyer demand, existing homeowners looking for more living space, availability of COVID vaccines and the broader re-opening of the economy. 

Last month, single-family home sales rose 12.2% from 897 homes in April 2020 to 1,006 homes, according to the report — the second-highest sales total for the month of April and a 24.5% gain over the 808 homes sold in March. 

Condo sales rose more sharply, setting a new record for the month with a 60.3% annual increase to 1,220 transactions, compared to 761 in April 2020. Sales were up 12% from March.

“April’s sales data demonstrates just how frenzied our market has become,” GBAR President Dino Confalone, an agent with Gibson Sotheby’s International Realty in Cambridge, said in a press release. “We’re still living with a pandemic, listings are in short supply, and prices have never been higher. Yet we’ve never experienced a busier April. There seems to be an almost insatiable demand for housing across our region, and it’s being driven by record-low mortgage rates, a desire by many to seek out larger homes in the suburbs and strong demographics as lots of millennials are looking to buy their first home.”

As sales continue to grow, so does the demand, and that’s keeping median selling prices high

The single-family home median price increased 15.9% to $765,000 from $660,000 last year. 

The median sales price for condos had a 2.8% increase over the past year to a record high of $622,100 from $604,915 last year.

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According to CoreLogic’s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year.

CoreLogic’s Chief Economist Frank Nothaft gave some insight into this change,

“The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home. The slackening in demand is reflected in the slowing of national appreciation, as illustrated in the CoreLogic Home Price Index. 

National appreciation in August was the slowest in nearly two years, and we expect appreciation to slow further in the coming year.”

One of the major factors that has driven prices to accelerate at a pace of between 6-7% over the past two years was the lack of inventory available for sale in many areas of the country. This made houses a prized commodity which forced many buyers into bidding wars and drove prices even higher.

According to the National Association of Realtors’ (NAR) latest Existing Home Sales Report, we are starting to see more inventory come to market over the last few months. This, paired with patient buyers who are willing to wait to find the right homes, is creating a natural environment for price growth to slow.

As the Boston Beacon Hill  condo housing market moves closer to a ‘normal market’ with more inventory for buyers to choose from, Boston high rise condo prices will start to appreciate at a more ‘normal’ level, and that’s ok! If you are curious about Boston Beacon Hill condo prices in your area, let’s get together to chat about what’s going on!

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Boston condos for sale updated 2021

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