The latest market report from Greater Boston Association of REALTORS was just released and showed an increase in median selling price for both single family homes and condominiums in the Boston area. In May 2017, the price hit $600,000, up from $530,500 a year ago. This is based on 1,221 units sold, about the same as the year prior.
Inventory remains even tighter than in 2016 with almost 30% less active listings and only 2.4 months supply of inventory – down 28% from the year before. With this decrease in inventory, days on market has become shorter as well, with a drop of more than 10 days on average to 35 days on market.
As inventory becomes scarcer, off-market properties become increasingly more important to Charlesgate’s network of buyers. Through our relationships with many area owners, these “pocket listings” can be smooth, quick transactions for buyers.
Take a look at some other interesting stats: