The local residential housing market in the Boston area has experienced increased sales and a steady appreciation in December 2015.
"We've seen a pattern over the last couple [of] months of increased sales volume at a normally slow period of the year, which demonstrates the consumer confidence and desire for homeownership that exists in our market," said Greater Boston Association of Realtors President Andrew Sarno, Broker Associate with RE/MAX Andrew Realty Services in Medford. "December capped off a strong 2015 sales year in Greater Boston, particularly in the single-family housing market which had a total sales increase of 7.7 percent on the previous year."
According to the press release of GBAR in PR NewsWire, the sales of detached single-family homes has increased to 1,292 in December 2015, up 14 percent compared to the 1,133 homes sold in December 2014. The total home sales in the Greater Boston area in December 2015 have also surpassed the previous record of 1,266 homes sold in December 2003 by 2.1 percent. The condo sales also experienced an increase of 7.6 percent to 877 units from 815 units sold in December 2014.
"The strong job market and healthy economy in Greater Boston have continued to drive both sales and prices," added Sarno. "Buyers continue to take advantage of the rising home values and low mortgage rates in the area. Additionally, if December's pending sales totals are any indication, we can expect a relatively active market throughout the Winter months."
The continued healthy sales pace resulted to a 4.7 percent increase in median sales price, from $444,000 in December 2014 to $465,000 in December 2015. The median price of condos in the Greater Boston area in December 2015 rose to $445,000 from $423,000 in December 2014, up 5.2 percent.
The Greater Boston Association of REALTORS® (GBAR) represents over 6,500 real estate professionals throughout the Greater Boston and Eastern Massachusetts area. GBAR provides professional development courses, standard forms, legal reports and updates, brokerage counseling, legislative and regulatory representation, ethics, mediation and arbitration services, as well as recognition awards.
