BOSTON, Dec. 28, 2016 /PRNewswire/ -- Despite a shortage of inventory, the Greater Boston housing market experienced record-high sales volume and prices for the single-family and condominium housing markets in November according to data from the Greater Boston Association of REALTORS® (GBAR).
Sales of single-family detached homes increased on an annual basis in November as 1,176 homes were sold, compared to 1,007 units sold last year. This is a 16.8 percent increase in sales and reflects a new record-high sales volume for Greater Boston in the month of November, eclipsing the previous high of 1,075 homes sold set in 2004. Likewise, the condo market experienced an increase in sales as 831 units were sold last month, up from 775 condos sold in November 2015. This is a 7.2 percent increase on an annual basis which is the second-highest sales volume for the month, following the record 874 sold condos in November 2009.
"It's encouraging to see sales numbers this high at this time of year, and it reflects the robust level of activity we've experienced the last couple of months. Despite low inventory, the threat of higher interest rates and the onset of the holiday season, buyers continue to shop for homes during this busy time of year," said GBAR President Andrew Sarno, Broker Associate with RE/MAX Andrew Realty Services in Medford. "Buyer activity is steadily increasing which is reflected in the gains we experienced in both the closed and pending sales we see this month as consumers look to buy now and take advantage of rising home values."
Indeed, pending sales rose in both markets last month, which has not been common in recent months, especially in the single family market where pending sales have decreased on a year-to-year basis this year since May. Single family pending sales rose 5.1 percent from 950 last year to 998 pending sales last month, while pending condo sales saw a 9.4 percent increase from 722 to 790 last month.
Also last month, Greater Boston experienced record-high median sales prices for the month of November in both markets. The single-family detached home market saw a modest 1.5 percent increased from $517,000 in November 2015 to $524,000 last month. Similarly, the median sales price in the condo market was $496,500 last month which is a 10.2 percent increase from the $450,445 median price last year.
"With the ever-presence of multiple offer situations and bidding wars, homes are selling in fewer days and for higher prices," Sarno added. "The desire for homeownership in our market is extremely high and paired with the limited supply of homes for sale it creates upward pressure on prices, making this a great time for homeowners to put their homes on the market."
Indeed, average days on market until sale have been down for most of the year, with the most drastic change occurring in November. In the single-family market, the average days on market was 51 days, which is down from last November's average of 61 days, and is the lowest since the average 51 days we saw in July. The condo market experienced a larger decline, from 56 days in November 2015 to just 40 average days on market last month, which matches the 2016 lowest market time we also had in October.
Inventory took a large hit last month, as both markets experience significant drops in homes for sale. In the single-family market there were 2,190 homes for sale last month, a 30.4 percent decrease from the 2,886 homes on market last November. The condo market had a similar decline of 27.4 percent, falling from 1,697 last year to 1,318 condos for sale last month.
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SOURCE Greater Boston Association of REALTORS(R)