Nearly half of all Greater Boston home sales in September closed above list price, real estate listings and data company Zillow said, citing new research detailing just how fierce competition for new homes has been this summer and fall.
That’s up from 27.6 percent of all Greater Boston home sales last September .
Among homes that sold above list price, the median increase was $25,117, Zillow said. The most-sought-after homes are in the lower-middle fifth of the market, priced between $369,887 and $481,647. Of homes in that price range that sold in September, 47.3 percent sold above list.
However, homes in the next-highest fifth of the market sold above list price 45.1 percent of the time, while homes priced in the bottom fifth and second-highest fifth of the market sold above list price 40.2 percent and 39.7 percent of the time, respectively. Homes in the most expensive fifth of the market sold above list price 28.1 percent of the time.
In its analysis of September home sales, Banker & Tradesman publisher The Warren Group found the median single-family home sale price spiked 18 percent over last September to $472,000, while the median condominium sale price jumped 8.7 percent to $417,500. Those price increases occurred while the number of single-family transactions that month jumped 27.1 percent on a year-over-year basis to 6,393, while the number of condominium sales increased 26.1 percent on the same basis to 2,490.
Local single-family inventory was down 23.3 percent year-over-year in September to 1,876 and 11.9 percent month-over-month , according to the Greater Boston Association of Realtors, with condo inventory up 35.1 percent year-over-year to 2,670 and down 2.4 percent month-over-month.
New single-family listings in September were up 46 percent year-over-year to 1,561 and down month-over-month to 1,750, while new condo listings were up 52.7 percent year-over-year to 1,377 and down 21.4 percent month-over-month.
Nationally, 22.4 percent of homes purchased in the U.S. were sold for more than their initial list price, up from 20.2 percent in August and well above the roughly 15 percent of homes that did so during September 2018 and 2019. It is highly unusual for the share of homes sold above list to continue rising this late in the year, Zillow said, indicating just how much later the COVID-19 pandemic has pushed the typical homebuying season.
In both 2018 and 2019, the share peaked in July during the height of the typical home shopping season before steadily declining as the market cooled in the fall and winter months. This year, the share has increased each month.
“The housing market is taking us all back to Economics 101 and teaching lessons about supply and demand,” Zillow senior economist Chris Glynn said in a statement. “A persistent interest in buying and moving is creating an imbalance that is driving prices higher than we typically see at this time of year. In many cases, buyers in this market should be realistic about the chance of bidding wars and leave themselves financial flexibility by looking at homes listed for less than their maximum price point. With tight inventory, low interest rates, and robust demand from households re-evaluating their housing needs, a strong, competitive market with many transactions is likely here to stay into 2021.”
Bidding wars, Zillow said, appeared to be the chief cause of the increases across the country.
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