Home prices are still climbing statewide, but the seller’s market in Greater Boston “appears to be coming to an end,” according to reports released Tuesday.
The median sale price for a single-family home in the state hit $388,000 in October, a high for that month, according to The Warren Group, publisher of Banker & Tradesman.
“And so, the record-setting continues,” said Tim Warren, CEO. “The median single-family home price has reached new highs every month so far this year, and I fully expect this streak to continue for the remainder of 2019. The trend is a gradual increase in median price compared with the same month in the prior year. The increase in October was 3.5 percent, but over the first 10 months of 2019, it was 3.9 percent. These are not huge gains, and in fact, the gains this year are lower than either of the two previous years.”
In the state’s condo market, the median sale price rose 11.1 percent year over year to $370,000 — a record for October, according to the report.
“The condo market has been red hot so far this year, and October was no exception,” Warren said. “Sales totaling 2,119 transactions marked the most condos sold in the month of October since 2006.”
In Greater Boston, the single-family and condo markets “struggled,” according to figures the Greater Boston Association of Realtors released Tuesday. The single-family home market saw its lowest October sales total in more than 20 years, according to the report, and the condo market was met with a 31 percent decline.
“A late summer slowdown in the market is not uncommon, but this year it was more pronounced,” said Jim Major, association president and an agent with Century 21 North East in Woburn. “For one, we had fewer buyers entering the market, as some chose to sit back in anticipation of an influx of new homes being listed for sale after Labor Day. Additionally, with inventory up and price adjustments becoming more commonplace, buyers have more inventory to look at, and many are proceeding more slowly and taking a wait-and-see attitude until prices settle.”
Prices have moderated in both markets. The median sales price for a single-family home in Greater Boston was $590,000, a 2.2 percent decrease year over year, according to the report. The median sales price for a condo inched up 1.9 percent to $550,000, marking the first time in four months the median selling price has increased.
“The days of steady appreciation in home values are nearly over. At both ends of the market, and in most communities, selling prices have either peaked or plateaued,” Major said. “For those homeowners who are thinking about listing their home for sale, now would be a good time to do so, before rising mortgage rates and inventory levels potentially cut into equity gains.”
The number of single-family homes and condos on the market is up 1.1 percent and 14.7 percent, respectively.
What are condos and single-family homes selling for in your area? Here’s the Greater Boston Association of Realtors’ breakdown for 64 communities:
These communities saw a sharp drop (16 percent) in the median single-family selling price, from $815,000 in October 2018 to $685,000 in October 2019. Condo prices, however, rose 3.3 percent, from $322,000 in October 2018 to $332,500. Single-family homes spent an average of 62 days on the market. For condos, it was 89.
These communities saw a 0.9 percent increase in the median single-family selling price, from $575,000 in October 2018 to $580,000 in October 2019. Condo prices increased 0.5 percent, from $465,950 in October 2018 to $468,500 in October 2019. Single-family homes spent an average of 38 days on the market. Condos were on for 34 days on average.
The median selling price for single-family homes rose 1.5 percent, from $700,000 in October 2018 to $710,500 in October 2019. Condo prices decreased slightly (0.6 percent), from $635,000 in October 2018 to $631,000. Condos spent an average of 38 days on the market. For single-family homes, that number was 44.
The median selling price for a single-family home dropped 11.6 percent, from $650,500 in October 2018 to $575,000 in October 2019. Condo prices jumped 32.8 percent, from $330,000 in October 2018 to $438,250 in October 2019. Single-family homes spent an average of 50 days on the market. For condos, it was 48.
The median selling price for a single-family home here was $465,000 in October 2019, a 7.4 percent increase from the October 2018 price of $433,000. Condo prices shot up 24.3 percent, from $280,000 in October 2018 to $348,000. Single-family homes spent an average of 49 days on the market. For condos, it was 48.
City of Boston
The median selling price for a single-family home here was $635,000 in October 2019, a 4.1 percent increase from $610,000 in October 2018. Condo prices rose 8.5 percent, from $615,000 in October 2018 to $667,500. Single-family homes spent an average of 37 days on the market. For condos, it was 45.