The time to buy your dream home could be now — as long as nobody outbids you on it — according to new housing-sales numbers from the Greater Boston Association of Realtors.
The numbers show from July 2012 to July 2013, new listings in eastern Massachusetts' 54 cities and towns rose 13.9 percent for detached homes and 11.3 percent for condominiums, while closed sales increased 16.1 percent and 18.6 percent, respectively.
The inventory of homes for sale plummeted to 2,615 — a 34.4 percent drop — and the time homes spent on the market until sold also plunged — by 41.8 percent — to just 47 days.
"There's just not enough inventory to meet demand," said Paul Yorkis, president of Patriot Real Estate in Medway and Massachusetts Association of Realtors Greater Boston region vice president. "People are beginning to think about buying because interest rates are going up slightly. My advice? If you're going to do it, do it, because prices are going to go up if inventory stays down."
The association's figures show that's already happening. The median sales price in greater Boston from July 2012 to last month rose 4.5 percent to $533,000 for single-family properties and 4 percent to $402,600 for condominiums, while the housing affordability index was down 9.6 percent and 9 percent, respectively.
In Boston, the median sales price was up 8.2 percent to $440,000; new listings were up by 21.6 percent and closed sales rose by 17.2 percent. The inventory of homes for sale plunged by 39 percent to 904, and the time homes spent on the market until sold also dropped, by 47.3 percent, to a mere 34 days.
"We're still seeing multiple bids on homes that are in good condition and in good locations," said Susan McDonough, sales manager of William Raveis Real Estate in Wellesley and Natick, and president of the Greater Boston Association of Realtors. "There's strong interest from buyers, who often come away frustrated because they've had to compete."
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