Boston Area Real Estate Sales Update

According to the Greater Boston Association of Realtors, Boston area real estate sales dropped 10.4 percent in August when comparing to August 2013. There were 1,280 homes sold in our local housing market last month. In August 2013 that number was 1,429.

Boston area real estate sales are down but prices are up.

On the other hand, home prices are still on the rise. The median sales price in the Greater Boston area for a single-family home in August was $539,000, which is up from $520,000 for homes sold during the same time last year.

As far as condos are concerned, Boston area real estate sales were off 16.3 percent in August 2014 compared with August 2013. Similar to houses, prices of condominiums are also on the rise. This year a buyer had to be prepared to pay at least $429,966 for an average property, which is a 3.4 percent increase from $416,000 last year.

Boston Area Real Estate Sales and Their Impact

The slowdown in Boston area real estate sales has a great impact on the rest of the local economy. Home sellers start to realize that the Boston area housing market may not be a seller’s market anymore. The average Boston area home sold in August 2014 was on the market 55 days compared with 48 days for homes sold in August 2013.

In August 2014, the average condo sold in our local real estate market waited for a buyer for 50 days. Whereas, last year condominiums sold in 40 days on average.

Even though Boston area real estate sales are slowing down, high prices are still a hurdle for an average family.

For more Boston area home sales news, check out our Boston area Real Estate News section of articles under Boston Real Estate Categories to your right.

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