Condo sales were down statewide, particularly in Greater Boston, according to reports real estate analysts released Wednesday.
Greater Boston saw a 10.5 percent drop in condo sales in July compared with July 2019, while sales of single-family homes inched up 1.3 percent, the Greater Boston Association of Realtors reported.
“Buyer traffic has remained steady across the single-family housing market this summer, but the sales pace has been far more relaxed in the condo sector, where inventory has risen steadily over the past year and prices have begun to soften,” said Jim Major, association president and an agent with Century 21 North East in Woburn. “Looking ahead, if history holds, we can expect a modest influx of new listings after Labor Day, and that will provide more housing choices, a better balance between supply and demand, and less frenzied environment for any buyers in the housing market this fall.”
The median sales price for a single-family home slid up a modest 0.9 percent year over year in July to $655,000, but the cost of a condo dropped 3.2 percent to $580,455, according to the report.
In Massachusetts overall, the median sales prices for single-family homes ($425,000) and condos ($390,000) were up 4.4 percent and 1.3 percent compared with July 2018, respectively, according to a report The Warren Group, publisher of Banker & Tradesman, released Wednesday.
“The median single-family home price hitting $425,000 marked an all-time high for July,” said Cassidy Norton, associate publisher and media relations director for The Warren Group. “Although the spring market is now behind us, I don’t expect a return to normalcy anytime soon. Don’t be surprised if we continue to see major price gains on a year-over-year basis in the coming months.”
Last month, the state saw a 4.6 percent year-over-year decrease in single-family home sales and a 2.5 percent drop in condo purchases.
“Numerous luxury condo developments are scheduled for delivery to the Greater Boston housing market in the near future,” Norton said. “Many of the developments will feature coveted amenities, high-end finishes, and will be located near public transportation. I fully expect these luxury units to continue adding upward pressure to the statewide median condo price for some time.”
How did your community fare? Here’s the Greater Boston Association of Realtors’ breakdown for 64 communities:
These communities saw a 1.9 percent decrease in the median single-family selling price, from $800,000 in July 2018 to $785,000 in July 2019. Condo prices jumped 12.7 percent, from $426,000 in July 2018 to $480,000. Single-family homes spent an average of 53 days on the market. For condos, it was 31.
These communities saw a 1.6 percent decrease in the median single-family selling price, from $610,000 in July 2018 to $600,000 in July 2019. Condo prices inched up 0.2 percent, from $440,000 in July 2018 to $441,000. Single-family homes spent an average of 29 days on the market. For condos, it was 39.
The selling price for single-family homes rose 9.2 percent, from $740,000 in July 2018 to $808,250 in July 2019. Condo prices decreased 4 percent, from $689,000 in July 2018 to $661,250. Condos spent an average of 39 days on the market. For single-family homes, that number was 43.
The median selling price for a single-family home rose 3.3 percent, from $689,450 in July 2018 to $712,000 in July 2019. Condo prices slipped 4.9 percent, from $407,500 in July 2018 to $387,450. Single-family homes spent an average of 46 days on the market. For condos, that number was 42.
The median selling price for a single-family home here was $495,000 in July 2019, a 2.1 percent increase from the July 2018 price of $485,000. Condo prices dropped 6.3 percent, from $319,000 in July 2018 to $299,000. Condos spent an average of 44 days on the market. For single-family homes, that number was 41.
City of Boston
The median selling price for a single-family home here was $700,000 in July 2019, a 13 percent increase from $619,500 in July 2018. Condo prices fell 4.3 percent, from $690,000 in July 2018 to $660,000. Single-family homes spent an average of 49 days on the market. For condos, it was 42.