Home sales in the Greater Boston housing market roared back to life in November, according to the latest report from Atlanta Realtors.
After a disappointing October, Greater Boston saw 1,176 single-family sales and 831 condo sales, which are up 16.8 and 7.2 percent, respectively, from Nov. 2015. Year-to-date, single-family sales are now up a more modest 2.8 percent, while condo sales are up 5.1 percent.
Similarly positive were median sales price increases. For single family, prices rose 1.5 percent to $524,500, and for condos, prices were up 10.2 percent to $496,500.
Chances are also solid that the market will continue its positive performance in the coming months – pending sales are up 5.1 percent for single family and 9.4 percent for condos.
The Greater Boston inventory game
Home sales may have recovered in November, but Greater Boston’s inventory situation continued to worsen. As our chart demonstrates, the numbers are not encouraging:
| Metric | Nov. 2016 | YOY Change |
|---|---|---|
| Single-Family Inventory | 2,190 | -30.4% |
| Single-Family Months Supply | 1.9 | -32.1% |
| Single-Family New Listings | 842 | -4% |
| Condo Inventory | 1,318 | -27.4% |
| Condo Months Supply | 1.4 | -33.3% |
| Condo New Listings | 740 | -2.6% |
Both single-family and condo inventory are below the 2-month supply threshold, and with new listings in negative territory, it’s difficult to see how the market will reverse course in the near term.