The spring homebuying season in Greater Boston got off a roaring start in April, according to the latest numbers from the Greater Boston Association of Realtors.
For April, single-family home sales were up 19.7 percent year-over-year to 1,132, while condo sales rose 14.6 percent to 895; so far in 2016, single-family sales are up 17.3 percent over the same time period a year ago, while condo sales are even stronger at 17.8 percent.
Consistent with such strong sales activity, both days on market and percent-of-list-price improved in April. For single-family homes, market time is down 11.1 percent from last year to 72 days, while condos selling times dropped even further, falling 20 percent to 48 days. Meanwhile, single-family homes are selling for 98.2 percent of their list price, while condos are selling for a remarkable 100.8 percent.
Inventory, Affordability Concerns Persist
As strong as Greater Boston’s sales were, though, they reinforced the long-lingering problems of inventory and affordability, issues that had shown faint signs of improvement in March.
For housing inventory, much of March’s gains were erased: single-family inventory declined 6.3 percent, and through April, was at a mere 2.4-month supply; condo inventory posted even more dramatic declines, falling 14.8 percent to a 1.6-month supply.
Dwindling supply, in the face of strong demand, always pushes prices upward, and Boston’s market bore out that principle – single-family median sales price rose 4.3 percent to $485,000, while condo median sales price rose 12.2 percent to $460,000.