Home Sales Continue to Rise in December
Sales of detached single-family homes improved for a third consecutive month in December, rising 11.8 percent on an annual basis over the same month last year. While December’s sales gain was more modest than the two previous months, when home sales rose 31% and 28% in November and October respectively, it marks the seventeenth time in the past 18 months that single-family homes sales have increased on an annual basis in Greater Boston. Furthermore, the 833 homes sold this December is the most for the month in eight years, dating back to 2004 when 945 homes were sold.
Notably, in the fourth quarter of 2012, sales rose 23.4 percent over the same three month period last year, which eclipsed the sales gains observed in the three previous quarters of the year. In addition, it was the busiest year for home sales in eight years, as sales increased 20 percent from 2011 to 10,886 closed transactions, the most since 11,178 homes sold in 2004.
Similar to the single-family housing market, condominium sales rose steadily in December to their highest level for the month in eight years. A total of 758 condo units were sold in December 2012, an increase of 17.5 percent over last December’s sales volume and the most since December 2004 when 830 units were sold. This marks the twelfth consecutive month in which condo sales have improved on an annual basis, with double-digit sales gains observed on a year-to-year basis during each month in 2012. Empty-nesters, dual-income echo-boomer households, and investors are all helping to drive demand for condos in the current market.
Historically, last month’s sales total ranks as the second best on record for the month of December in Greater Boston, topped only by the 830 units sold in December 2004.
In the fourth quarter of 2012, sales rose 28 percent over the same three month period last year, which eclipsed the sales gains observed in the three previous quarters of the year. In addition, it was the busiest year for home sales in five years, as sales increased nearly 22 percent from 2011 to 9,680 closed transactions, the most since 10,321 condos sold in 2007.
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.