The Greater Boston Association of Realtors on Tuesday reported sales of detached single-family homes rose 21% to 922 in April, up from 762 in the same month last year and the highest single-family home sales total for April since 2010 when 975 homes sold.
Condominium sales gained 18% to 814 in April from a year earlier, slightly above average historical condo sales volume of 801 in the market and the seventh highest total for the month since 2003.
"Throughout the spring, we've seen a steady rise in sales matched by continued price growth as buyer demand in our region remains high," said GBAR President Andrew Sarno of RE/MAX Andrew Realty Services in Medford. "The strong economy and job market, paired with rising home values throughout Greater Boston, has led to an increase in consumer optimism and confidence when buying a home, as evidenced by the rise in buyer activity."
The single-family median sales price rose 3.5% to $530,000 in April, the nineteenth consecutive month that the single-family median sales price has improved. The condo market median sales price increased 10% to $480,000.
"Rising sales prices can often reflect the lack of supply in the region, which holds true for last month," added Sarno. "The prevalence of low inventory in our market has created a sense of urgency among buyers, and that's led to many multiple offer situations which is benefiting sellers in the form of higher home values and steady price appreciation."
Inventory in April declined slightly, with single-family down 3.2% from 2,988 to 2,891 listed homes in 2016 and condo inventory down 15.8% from 1,719 to 1,448 available units.