Boston condo sales stats for 2023

Boston condo sales stats for 2023

Boston Condo for Sale Search 2023

On the street, it feels like the off-season is already here, which is fine.  The seasonality has been topsy-turvy ever since the pandemic started, so we can handle a longer off-season this year. The outcome will be determined by what the listing agents are telling their sellers.

Are they saying that this is the start of a long downward slide, and sellers should hit the panic button and dump on price to get out while they can?  If so, shame on them.

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After two years of record-setting activity, the Massachusetts real estate market is showing signs it might be cooling, according to a new report.

The busy summer market is here according to the Massachusetts Association of Realtors May housing statistics report that found despite rising home price and mortgage interest rates, Bay State single-family home and condominium sales increased again for the third month in a row.

With existing home sales falling 24% and pending sales dropping 3.9% nationally from April, the slowdown has allowed supply to rebound, according to the report, with inventory increasing 10.8% month of over month. Despite the rebound, available homes for sale remain down 10.4% from last year.

Dawn Ruffini, MAR president, said the biggest issue the market is facing is the shortage of houses.

“Until we are able to increase supply, more households are going to continue to be priced out of the market,” Ruffini said. “We need to act now to expand housing access as it will, in turn, reduce home prices and allow more people to enter the market.”

Last month, the median price for a single-family home was up 12.3% year over year to $617,750 and new single-family home listings rose 6.2%.

Condominium prices also rose in May to $531,501, up 5.1% from 2021, while condo listings fell 4.9% from last year.

The report also found single-family closed sales fell 7.8% compared to last year, while closed condo sales dropped 12.4%.

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Boston Housing Scorecard: Existing home sales, inventory fall in January

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The last year has been difficult for everyone in Boston, and it’s hard to predict what lies ahead. However, if you’re still thinking about buying or selling your luxury condo, you don’t have to put your real estate goals on hold.

Boston Condo and Single-family Home Sales

Despite limited inventory and escalating Boston home values, sales of single-family homes and condominiums rose on an annual basis for a fifth consecutive month in January.

Last month’s sales totals set new all-time highs for January across the 64-community GBAR jurisdiction, with single family home sales increasing 13.5 percent on a year-over-year basis from 772 homes sold in last January to 876 in January2021. Similarly, condominium sales rose 9.1 percent over the same month one year earlier, climbing from 689 units sold.

While condominium sales saw a 32.1 percent decrease from the 1,107 condos sold during December 2020. “The start of each year typically brings a lot of anticipation about the approaching spring market 

The current market conditions bode well for prospective home sellers, with median selling prices rising to record highs for the month of January. In the single-family home market, the median sales price rose 11.6 percent over the past year. In the condo market, the median sales price also increased on an annual basis, but much more modestly so, appreciating 1.2 percent, from $577,500 in January 2020 to $584,500 this January 2021.

Boston Condominium Sales Price

The condominium median sales price also rose on a month-by-month basis by 2.9 percent from $568,000 in December, but in the single-family home market the median selling price was essentially stable, slipping 0.7 percent from $680,000.

Boston Real Estate Inventory

The lack of for sale inventory is most acute in the single-family home market where active listings are down 35.2 percent from a year ago, declining from 1,496 properties for sale in January 2020 to 970 last month. Meanwhile, condo listings have increased over the past year along with the desire for more living space, with units for sale up by about 400 units, or
24.5 percent, from 1,677 units on the market last January to 2,088 in January 2021. 

Ready to learn more? Our latest market update has all the details you need to know. Here are a few stats to keep in mind:

Boston condo sales stats for 2021