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Boston Real Estate Market Report: August 2016

boston real estate market report 2016

Strong buyer demand and a robust economy in Great Boston has contributed to steady sales and all-time record prices for both single family and condo markets in August according to data from the Greater Boston Association of Realtors.

Despite a slight downturn in overall sales from last August, both sectors finished the month with above historical average sales volume.

Sales of single family detached homes dropped from 1,710 in August of 2015 to 1,704 this year. This 0.4 percent drop is well above the historical average of 1,461  for August – the third highest total on record.

The condo market experienced a similar trend – falling from 1,251 last year to 1,200 this year. This 4.1 percent decline is still the eighth highest sales total for the month and is just shy of the historical average sales total of 1,212.

“The market was extremely busy last month and we did not experience the normal lull in activity as we often do in August. These steady sales totals are indicative of the continued buyer confidence and activity in Greater Boston as well as the desirability to live here,” said GBAR President. “We’ve also seen increased prices and shrinking inventory in our region, so its encouraging to see this amount of buyer activity despite median sales prices continuing to rise to all time highs.”

The median sales price for a single-family is at an all time high of $575,000- up from 528,900 in August of last year.

Median condo prices also rose 9.7 percent from 456,000 last August to a record high median of $499,000.

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