New data may signal restored balance between buyers and sellers despite ever-increasing prices in Boston. Housing inventory boomed during the month of May even as high prices continued to break records, according to a report released by the Greater Boston Association of REALTORS.
The number of homes available for purchase in the greater Boston market grew on a yearly basis. May saw a year-over-year inventory increase of 27% for single-family and 37% for condos.
Sales also rose, with single-family home sales climbing 6% compared to the same month last year. For condos, the increase was more modest at 0.9%.
Median sale prices for both condos and single-family homes surpassed record highs for the month. Single-family homes fetched a median sale price of $980,000, while condos sold for a median price of $749,500.
“The combination of increased inventory and sustained sold to listing price ratio gives both buyers and sellers different reasons to celebrate the same market,” said GBAR President Mark Triglione.
He continued, “At the same time, median sales prices continue to reach all-time highs. Greater Boston has such robust medical, educational and scientific resources as people are always looking to move here. At the same time, townies like me don’t want to leave so even if the market displays more balance between sellers and buyers than in recent history, there is no indication prices will come down any time in the foreseeable future.”