BOSTON, July 28, 2015 /PRNewswire/ -- After underperforming for much of the first half of the year, the Greater Boston housing market kicked into high-gear last month, as both sales and median selling prices of single-family homes and condominiums rose steadily on an annual basis in June, according to data from the Greater Boston Association of Realtors® (GBAR).
Sales of detached single-family homes increased 10 percent on an annual basis from 1,683 homes closed last June to 1,853 in June 2015. It's the second highest June sales total on record, topped only by the 1,922 homes sold in June 2004, and the largest percentage increase in home sales on an annual basis since September 2013 when sales rose 22.4 percent. Activity also improved a healthy 6.9 percent in the condo market, climbing from 1,269 condominiums sold in June 2014 to 1,356 this June. Last month's sales total was the fourth best on record for the month of June, and the busiest June for condo sales in eight years, surpassed only by June 2004, 2005 and 2007.
"With the exception of a couple of weeks around the time of graduations and the Memorial Day Weekend there's been no real softening of interest or foot traffic among buyers this spring," stated GBAR President David McCarthy, owner of Keller Williams Realty Boston Metro. "Since the start of summer, we have even started to see some build-up in listing inventory, especially in suburban communities, and that means a larger selection of homes to choose from and less upward pressure on prices which should benefit buyers and keep the market busy," he said.
In the single-family home market, the median selling price rose a modest 3.2 percent over the past 12 months, from a median of $510,000 in June 2014 to a new record high median for the month of $526,328 this June, while the condominium median selling price climbed 4.5 percent in the past year, from a median of $439,900 last June to new all-time high monthly median price of $459,900 in June 2015. It's the ninth straight month the single-family home median price has risen on an annual basis, and eighth consecutive month the median price for condos has improved.
"If today's home values as a true measure of buyer demand and consumer confidence in housing, than Boston area real estate has never been more desirable," McCarthy observed.
Notably, while inventory for single-family homes and condos continued to decline from year ago levels in June, the decrease in the number of homes and condos for sale was more modest than for any other month this year, with the number of single-family listings sliding 14 percent to 3,624 homes for sale and condo listings down 17 percent to 1,658 units for sale. In addition, new listings for both detached single-family homes and condos improved on a year-to-year basis last month, with a nearly 19 percent increase in number of single-family homes listed for sale and a 16 percent gain in the number of condos added to the market this June compared to June 2014. As the supply levels begin to improve, that will create more opportunities in the market for buyers going forward, and that's evident from the latest pending sales data, which shows the number of single-family homes placed under contract increased 28.8 percent over the past 12 months to a new all-time monthly record of 1,952 in June. Additionally, in the condo market, pending sales improved 25 percent in the past year to 1,429 in June 2015, the highest total for any month since May 2005 when 1,486 condos went under agreement.
SOURCE Greater Boston Association of Realtors