BOSTON, Dec. 29, 2015 /PRNewswire-USNewswire/ -- With a healthy housing demand and steady rise in prices, the Greater Boston housing market experienced an increase in residential property sales from November of last year, as sales for both detached single-family homes and condominiums improved during the month according to data form the Greater Boston Association of REALTORS® (GBAR).
Sales of detached single-family homes improved on an annual basis for a sixth consecutive month in November, increasing 6.1 percent over last year's numbers from 960 homes sold to 1,019 in November 2015. This sales volume represents the fourth highest on record for November in Greater Boston. Condo sales rebounded strongly from a modest decline in October, and experienced a sharp increase of 15.8 percent on an annual basis, from 653 units sold last November to 755 in November 2015.
"Sales increases in both markets are encouraging at this time of year which is typically slow," said GBAR President David McCarthy, owner of Keller Williams Realty Boston Metro. "However, similar to last month, buyers are continuing to buy now, as they feel they could be subject to ongoing and future price and interest rate increases."
In the single-family home market, the median sales price rose for a fourteenth consecutive month in November, up 6 percent on last year's price of $450,000 to $477,000 in 2015. This price also reflects a new record high price for the month of November. Condos were in high demand last month and saw an 8.4 percent increase in median sales price, up from $415,250 last year to $450,000 in 2015.
"With a healthy job market and sales price continuing to boost home values, buyers were increasingly active last month, as evidenced both by sales numbers and the upswing in pending sales," McCarthy noted. "Additionally, a sizable increase in new listings in November is an attractive figure and, as always, we hope those figures translate to closed sales in the coming months."
Pending sales in both markets remained high and also increased on the totals from last November. The single-family market experienced a sharp increase of 19.9 percent, with a change from 914 pending sales in 2014 to 1,096 this year, while pending condo sales saw a 14.9 percent positive change, from 653 to 750 in November 2015.
Although the numbers of new listings for single-family homes and condos are down from last month, they both rose on a year-to-year basis from last November. New listings of single-family homes rose 22 percent from 797 to 972 in November 2015, and newly-listed condos increased 4.9 percent from 12,190 in 2014 to 12,788 last month.
SOURCE Greater Boston Association of REALTORS(R)