Despite a shortage of inventory, the Greater Boston housing market experienced record-high sales volume and prices for the single-family and condominium housing markets in November, the Greater Boston Association of Realtors (GBAR) reported Wednesday.
Sales of single-family detached homes increased on an annual basis in November as 1,176 homes were sold, compared to 1,007 units sold last year, a 16.8% and a new record-high sales volume for Greater Boston in the month of November, eclipsing the previous high of 1,075 homes sold set in 2004. Likewise, the condo market experienced an increase in sales as 831 units were sold last month, up from 775 condos sold in November 2015, a 7.2% increase on an annual basis and the second-highest sales volume for the month, following the record 874 sold condos in November 2009.
“It’s encouraging to see sales numbers this high at this time of year, and it reflects the robust level of activity we’ve experienced the last couple of months. Despite low inventory, the threat of higher interest rates and the onset of the holiday season, buyers continue to shop for homes during this busy time of year,” said GBAR President Andrew Sarno, Broker Associate with RE/MAX Andrew Realty Services in Medford. “Buyer activity is steadily increasing which is reflected in the gains we experienced in both the closed and pending sales we see this month as consumers look to buy now and take advantage of rising home values.”
Pending sales rose in both markets last month. Single-family pending sales rose 5.1% from 950 last year to 998 pending sales last month, while pending condo sales saw a 9.4% increase from 722 to 790 last month.
Also last month, Greater Boston experienced record-high median sales prices for the month of November in both markets. The single-family detached home market saw a modest 1.5% rise to $524,000 last month. The median sales price in the condo market was $496,500 last month, a 10.2% increase from the $450,445 median price last year.
Average days on market in November for single-family homes was 51 days, down from last November’s average of 61 days and the lowest since July. The condo market experienced a larger decline, from 56 days in November 2015 to just 40 average days on market last month.
In the single-family market there were 2,190 homes for sale last month, a 30.4% decrease from the 2,886 homes on market last November. The condo market had a similar decline of 27.4%, falling from 1,697 last year to 1,318 condos for sale last month.
