Greater Boston home prices shot up 17.5% in March 2017 from a $472,500 median sale price in March 2016 to $555,000 last month. The condo market median sales price in the region shot up 8.6% to $520,000 from $478,750 in March 2016. GBAR officials note that both the median single-family and condo prices in March were record highs for the month.

“In both markets we saw a significant increase in mid- to high-level homes sold last month, which has resulted in these new record high prices,” says Roloff. “Regardless of price point, we continue to face a shortage of inventory in all sectors of the market, so for those looking to trade-up or put their home on the market—now is the time.”

For-sale inventory fell significantly in March in Greater Boston. Single-family homes active listings fell 36% from 3,588 homes for sale in March 2016 to 2,296 last month. Active listings of condos dropped 28.8% to 1,501, down from 2,107 in March 2016.

“The continued decline of the number of days to off market is indicative of just how much demand there is in the marketplace right now, “Roloff adds. “Homes are continuing to sell in short turn around and our market would be thriving even more if the inventory kept up with this frenzy of activity.”

Strong statewide sales statistics, including the troubling inventory levels, are mirrored in other areas throughout the state.

The Massachusetts Association of Realtors reports single-family home and condominium sales were up 2.1% and 11.3% respectively. The single-family median sale price statewide shot up 6.6% year-over-year in March 2017 to $350,000, while the condo median rose 8.2% to $334,950.

For-sale inventory of single-family homes plummeted 34.4% in March 2017, while condominium inventory levels fell 30.8%. MAR officials state the inventory of homes for sale in March 2017 was the lowest since the association began recording inventory date in 2004.

“Strong buyer activity in the early winter pushed homes sales up in March after a slight dip in February,” says 2017 MAR president Paul Yorkis, president of Patriot Real Estate in Medway. “Unfortunately, without more inventory, prices will continue to rise and price buyers out of the market.”

Yorkis warns that the low inventory issue must be addressed “if we want to keep the Massachusetts economy thriving.”

BOSTON—All signs point to a strong housing market in Greater Boston, however low inventory will likely mean that sale prices will continue to rise.

The Greater Boston Association of Realtors reports the spring selling season got off to a strong start with the single-family and condominium sectors posting healthy sales increases in March. In fact, single-family home sales and condominium sales posted the fifth and fourth highest sale results on record, respectively, and the highest sales volume in 10 years.

Sales of single-family detached homes in Greater Boston increased 5.6% year-over-year sales in March, with 825 homes sold in March 2017 as compared to the 781 homes sold in March 2016. Sales of condos rose 7.1% in March of this year as 810 condos were sold compared to 756 the previous year. March's condo sales were the highest sales total since the record 950 condos sold in March 2007. Single-family sales in March were the highest sales total since the record 1,001 single-family homes were sold in March 2007.

“March is historically a telling month for how the spring market is going, and with positive sales numbers we experienced last month and buyer demand we're seeing, it's clear that we're set for a very busy market,” says GBAR president Melody Skye Roloff, an agent with EXIT Beatrice Realty Associates in Middleton, MA. “The modest temperatures and mild winter we experienced has allowed the spring market to hit its stride earlier in the year.”

Greater Boston home prices shot up 17.5% in March 2017 from a $472,500 median sale price in March 2016 to $555,000 last month. The condo market median sales price in the region shot up 8.6% to $520,000 from $478,750 in March 2016. GBAR officials note that both the median single-family and condo prices in March were record highs for the month.

“In both markets we saw a significant increase in mid- to high-level homes sold last month, which has resulted in these new record high prices,” says Roloff. “Regardless of price point, we continue to face a shortage of inventory in all sectors of the market, so for those looking to trade-up or put their home on the market—now is the time.”

For-sale inventory fell significantly in March in Greater Boston. Single-family homes active listings fell 36% from 3,588 homes for sale in March 2016 to 2,296 last month. Active listings of condos dropped 28.8% to 1,501, down from 2,107 in March 2016.

“The continued decline of the number of days to off market is indicative of just how much demand there is in the marketplace right now, “Roloff adds. “Homes are continuing to sell in short turn around and our market would be thriving even more if the inventory kept up with this frenzy of activity.”

Strong statewide sales statistics, including the troubling inventory levels, are mirrored in other areas throughout the state.

The Massachusetts Association of Realtors reports single-family home and condominium sales were up 2.1% and 11.3% respectively. The single-family median sale price statewide shot up 6.6% year-over-year in March 2017 to $350,000, while the condo median rose 8.2% to $334,950.

For-sale inventory of single-family homes plummeted 34.4% in March 2017, while condominium inventory levels fell 30.8%. MAR officials state the inventory of homes for sale in March 2017 was the lowest since the association began recording inventory date in 2004.

“Strong buyer activity in the early winter pushed homes sales up in March after a slight dip in February,” says 2017 MAR president Paul Yorkis, president of Patriot Real Estate in Medway. “Unfortunately, without more inventory, prices will continue to rise and price buyers out of the market.”

Yorkis warns that the low inventory issue must be addressed “if we want to keep the Massachusetts economy thriving.”