Home Sales, Prices Climb Across Boston Area in November
Sales of detached single-family homes soared in November, rising 31.7 percent on an annual basis over the same month last year to more than 900 homes sold. It’s the second largest percentage increase in year-over-year sales growth this year, exceeded only by the 33 percent jump in home sales that occurred in February. Furthermore, the 909 homes sold this November is the most for the month in eight years (dating back to 2004 when 923 homes were sold).
Notably, the monthly median selling price for detached single-family homes also posted its second largest increase of the year in November, climbing 5.8 percent on an annual basis to $447,500. This follows a 10 percent jump in the median selling price in October, and marks the first time in 2012 that the single-family median home price has increased in consecutive months.
In another sign of an improving market, the average list time for homes sold in November declined by nearly three weeks (20 days) over the past 12 months to 90 days. This marks the ninth consecutive month in which the average time to sell a single-family home has decreased on an annual basis in Greater Boston.
Additionally, condominium sales rose to their highest level for the month of November in three years, increasing 32.4 percent on an annual basis to 744 units sold. It’s the second largest percentage increase in monthly condo sales on an annual basis this year, topped only by the 36 percent jump in sales observed in October. This marks the eleventh consecutive month in which condo sales have improved on an annual basis. Empty-nesters, dual-income echo-boomer households, and investors are all helping to drive demand for condos in the current market.
With buyer demand holding strong, the condo median selling price rose for a tenth consecutive month in November, increasing 8.4 percent over the past 12 months to $380,000. It’s the largest percentage increase in median price on an annual basis since May 2011 when the price increased 11.3 percent from the previous May. The last time the monthly median selling price for condominiums increased for 10 consecutive months on an annual basis was March – December 2010.
Meanwhile, the average time it took for condominiums to sell fell by more than one month (35 days) over the past 12 months to an average of 74 days, an indication that buyer demand is outpacing the supply of available inventory of condos for sale at the moment. In fact, the average market time for November is nearly two weeks under the year-today average market time of 87 days observed during the first 11 months of this year.
To access monthly data by community, check out our Local Market Update reports, and our Monthly Market Indicator Reports for comprehensive regional housing market data for the GBAR/GBREB jurisdiction.