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Residential Real Estate Market In Greater Boston
The Greater Boston Residential Real Estate Market Remains Strong
Boston, MA, -- A dwindling supply of homes for sale along with steadily appreciating home prices frustrated buyers last month across metropolitan Boston as the sales of detached single-family homes and condominiums declined modestly during September, according to data released today by the Greater Boston Association of REALTORS® (GBAR).
With 1,100 single-family detached homes sold in September 2017, it was the seventh highest sales total for the month, and was a 5.0 percent decrease in sales volume from the 1,158 homes sold in September 2016. This is the sixth consecutive month that the single-family home sales total has dropped on a year to-year basis, however it was slightly above the September historical monthly sales average of 1,017 homes sold.
The condo market also experienced a decline in sales as just 865 units were sold in September 2017, which is a 14.2 percent decrease in sales volume from the 1,008 units sold in September 2016. This was the seventh most active September on record in Greater Boston, and is just above the historical monthly average of 834 units sold.
“There’s no shortage of buyers, just an inadequate supply of homes to sell,” said GBAR President Melody Skye Roloff, an agent with EXIT Realty Beatrice Associates in Middleton. With mortgage rates still near record lows, incomes rising, and our economy adding jobs, buyer traffic has remained steady throughout the traditionally slower summer months, Roloff noted.“Unfortunately, with buyer activity remaining strong, and prices rising, some entry-level potential homeowners are struggling to find homes in their price range, which can be a contributing factor to these declines in sales,” Roloff remarked.
Need help with real estate in Greater Boston? Call Realtor Michael Mahoney at 617-615-9435 or visit RealtorMikeMahoney.com