BOSTON, Nov. 24, 2015 /PRNewswire/ -- The Greater Boston housing market experienced an overall increase in residential property sales during October, as sales for detached single-family homes rose to a new record level for the month. However, condominium sales slowed for the first time in four months as prices rose sharply and inventory lagged, according to data from the Greater Boston Association of REALTORS® (GBAR).
Sales of detached single-family homes improved on an annual basis for a fifth consecutive month in October, increasing 13 percent over last year's levels from 1,048 homes sold to 1,184 in October 2015. This increase sets a new sales record for the month of October in Greater Boston as it surpassed the previous high of 1,165 homes sold in October 2004. Condo sales declined 7.3 percent on an annual basis last month from 865 condos sold in 2014, to 802 in October 2015. Despite the decrease, sales activity remained strong, as the 802 units sold is the fifth-best on record for the month of October.
"Following a month of record single-family home sales and a significant rise in pending sales in the single-family home and condo markets, we and many of our agents feel optimistic about the market going forward," said GBAR President David McCarthy, owner of Keller Williams Realty Boston Metro. "We're seeing steady price appreciation and many buyers feel that if they don't act now they could be subject to that increase in the future, and right now no one is predicting prices to flatten within our market in the coming year."
In the single-family home market, the median selling price improved 1.1 percent over the past 12 months, from a median of $435,000 in October 2014 to a new record high price of $440,000 this October, while the condominium median selling price had a sharp price increase of 15.5 percent in the past year, from a median of $394,000 last year to a record high median for October of $454,950.
Inventory for both single-family homes and condos decreased in October, falling 12.1 percent from 4,195 homes for sale in October 2014 to 3,688 this year, and a 10 percent decrease in condos for sale from 1,970 a year ago to 1,773.
"We live in a region with well-paying jobs and excellent schools and that combination leads to a strong housing market, even with a limited housing supply, as we saw last month," said McCarthy.
In the single-family home market, pending sales increased 20.5 percent on last October's rate, with 1,410 pending sales last month up from 1,170 pending sales a year ago. Likewise, pending condominium sales last month also increased from 822 pending sales in October 2014 to 977 pending sales this year, resulting in an 18.8 percent gain.
SOURCE Greater Boston Association of REALTORS(R)