Home Sales Soften Slightly Amid Rising Prices in Greater Boston
The detached single-family home market saw a slight decline in sales in January as 828 homes were sold last month compared to 843 homes sold in January 2016, which is a 1.8 percent drop. Despite the drop, the 828 homes sold is the second highest total for the month on record. Additionally, this is well above the January historical average of 693 homes sold, and is the second consecutive month that sales have dropped slightly on a monthly basis. The condo market experienced similar changes in January, as condo sales declined just 1 percent last month from 604 condos sold in January 2016 to 598 sold last month. This is the second consecutive month that condo sales have softened slightly, however this total was comfortably above the monthly average of 530 sold condos.
The median sales price of single family homes increased to $520,000 last month, up 6.1 percent from the January 2016 median sales prices of $490,000. Likewise, the condo median sale price jumped 12.5 percent from $443,250 in January 2016 to $498,750 this year. These are both record-high median sales prices for the month of January, as well as the 39th consecutive month (single family) and 12th consecutive month (condos) that prices have increased or remained stable on a monthly basis.
New listings of single family homes saw a modest decrease of 2.3 percent year over year in January, 928 to 907;however we experienced a 129 percent increase from December 2016 when there were just 396 new listings. New condo listings saw a slight increase of 1.8 percent, from 814 to 829, and increased 88.4 percent from the December new listings total of 440.
For additional information regarding Greater Boston Housing statistics, as well as access to our members-only housing market data dashboard, visit the Monthly Housing Market Insight Reports on our website. To access monthly data by community, check out our Local Market Update (LMU) reports for historical reports and this MARealtor.com page for current LMUs, and our Monthly Market Insight Report for a comprehensive overview of Greater Boston housing market data for January.