The median home price in Boston's East Boston neighborhood increased rapidly in June and over the first six months of 2018, according to data compiled by the Massachusetts Association of Realtors.
The median price of a single-family home spiked 35.7 percent to $560,000 compared to $412,562 during the first half of 2017. The median price was $302,000 during the first six months of 2013 and only $195,000 in 2011. For many communities, 2011 marked the last bottom of the real estate market The median home price in June was $534,000.
Homebuyers paid on average 100.7 percent of the original list price through June and 99.2 percent of the original list price in June.
There were 11 single-family home sales from January through June compared to 14 houses sold during the same period in 2017. There were only two houses sold in June and only one house on the market in June.
East Boston condominium prices increased 12.8 percent to $495,000 through June compared to $439,000 during the same six-month timeframe in 2017. The median condo price rose 19 percent in June to $498,500.
Homebuyers paid on average 99.4 percent of the original list price for condos in June and through June.
Condominium sales declined in both June and through June. The number of units closed in June decreased 33.3 percent to 14, and condos sold dropped 34 percent to 64 units recorded from January through June.
Condominium inventory in Eastie was flat in June, dipping by just two to 28 units on the market; however, new listings jumped 40.7 percent to 38 compared to 27 in June 2017. An increase in inventory may result in a slowdown in price inflation.