With real estate inventory dwindling in Braintree, Massachusetts, homebuyers have driven home prices up in July and throughout 2016.
The median price of a single-family home increased 11.1 percent to $450,000 in July compared to $405,000 in July 2015, according to data compiled by the Massachusetts Association of Realtors. Through July the median home price increased 8.6 percent to $440,000 compared to $405,000 during the same January-through-July period last year. Homebuyers paid on average 99.4 percent of the original list price in July and 98.1 percent of the original list price through July.
Home sales declined by four to 31 houses sold in July, and through July home sales increased 8.6 percent to 159 compared to 149 during the same seven-month period last year. Pending sales – homes under agreement that have yet to close – declined 27.8 percent to 26 in July.
The number of single-family homes on the market decreased 38.9 percent in July to 33 houses available compared to 54 homes in July 2015. The months supply of inventory declined 41.7 percent to 1.4 percent compared to 2.4 months in July 2015. New home listings declined 42 percent to 29 in July.
The median condo price in Braintree was flat in July ($311,500), declining 0.2 percent, and through July ($295,900), increasing 0.6 percent. On average homebuyers paid 97.9 percent of the original list price in July and 98.9 percent of the original list price through the first seven month of 2016.
Condominium inventory declined by 0.2 months to 1.1 months supply in July, with 14 condo units on the market. The inventory situation for condominiums might improve in coming months. There were 19 new condo listings in July, a 137.5 percent increase compared to July 2015.
Condominium sales increased by two to 16 units sold in July. Through July condo sales increased 10.6 percent to 73 compared to 66 units sold in the same time frame last year. Pending sales declined more than 20 percent in July.