Boston Area Home Sales Slip – Lowest Level in 4 Years

Greater Boston area home sales have slipped to the lowest level in four years as the region continues to struggle with low inventory and the aftermath of a devastating winter, according to the May home sales report from the Greater Boston Association of Realtors.

The total amount of closed residential sales slipped by 9 percent, with single-family closed sales down 10.9 percent year-over-year and condo sales down 6.6 percent year-over-year. The median sales price rose 3.4 percent to $480,000 for single-family properties in Greater Boston and rose 9.4 percent to $456,900 for condominiums.

Boston Area Home Sales Numbers Echoed Statewide

Boston area home sales have slipped to the lowest level in 4 years

Boston area home sales numbers have echoed across the commonwealth, which saw fewer sales of single-family homes and condominiums year-over-year in May, according to the latest report from the Massachusetts Association of Realtors.

Statewide numbers saw Massachusetts with 4,517 single-family homes sold in May, down 5.2 percent from the 4,384 homes sold a year prior. The median home price of $341,000 was down 1.5 percent from last year’s median price of $346,325.

Meanwhile, there were 1,825 condominiums sold in May, down 10.1 percent from the 2,029 sold in 2014. But condo prices saw a 4.8 percent boost to a median price of $330,000, up from $315,000 the year prior.

Low inventory has once again pushed closed Boston area home sales down in May. But the good news is that new listings are coming on the market and that is a positive sign for the summer market. More homes for sale will help, but more work force housing is needed as is the removal of barriers to production to make up the gap.

Buyer demand is strong, but the shortage of listings is causing a lot of frustration among both buyers and sellers due to the upward pressure on prices. Sellers are leery about the uncertainty of being able to trade up or down because the market is so competitive, and that just adds fuel to the inventory shortage when sellers are not willing to put their home on the market for fear of not being able to find another home to move to.

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