According to data released by The Warren Group, the number of single-family home sales last year was the lowest in a decade.
Condo sales, however, remained strong:
Condominium sales were second only to 2005’s record year. In December, 8.2 percent fewer condos were sold statewide than a year earlier, but prices increased 1.9 percent, an indication there is strength in a market popular with young professionals and empty-nesters, agents said.
I don’t have data for the city of Boston, but my belief is that we had 10% less sales, last year, compared to 2005, while prices probably stayed just about even with the prior year.
The biggest problem for Massachusetts is that our economic picture still seems weak, to some, which will limit the number of people emigrating to Boston, which will keep downward pressure on prices, because inventory will stay high. Retirees will want to sell and move South, and builders will continue to bring new developments online.
I think we’ll see a strong market in Boston, this year, with buyers continuing to enter the market. It’s a matter of supply and demand, in Boston, and there are still more people looking to move here, and / or buy, while inventory will remain constant, even with several new buildings coming online (the additional couple of hundred units will barely make a blip on the inventory level).
More: Mass. housing market ends worst year in decade – By Kimberly Blanton, The Boston Globe
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Updated: 1st Q 2018
