Condo Sales and Median Prices Experience Big Gains
BOSTON, February 25, 2014 – Single-family home sales in Massachusetts rose 5.0 percent in January, reaching the highest number of sales recorded for the month since 2007, according to a new report from The Warren Group, publisher of Banker & Tradesman. The jump comes on the heels of two months of modest decreases in sales volume.
January home sales in the Bay State increased to 2,728 from 2,599 in 2013. This is the highest number of sales reported in January since 2007, when 2,953 houses were sold.
“After ending 2013 on a mini slump for housing sales, these are impressive numbers for the middle of winter,” said Timothy M. Warren Jr., CEO of The Warren Group. “Still, low inventory continues to plague the market. The market needs more sellers to list their homes for sale in order to keep the rally in real estate moving ahead.”
The median sale price of a single-family home in Massachusetts in January increased 12.5 percent to $315,000 from $280,000 last year. This is the seventh time in the past 12 months that median prices have gone up by double digits and is the highest median price for homes in January since 2008.
“Because we experienced a seven-year slump in the real estate market there is pent-up demand for homes to purchase. The lack of homes available to purchase is causing prices to grow at these double-digit rates. Buyers are hoping that the spring market will bring many more homes for sale and provide more choice,” Warren said.
Condo sales for the month rose to 1,144 from 981 in 2013, a 16.6 percent increase. This is the first January since 2008 where condo sales broke the 1,000 mark.
The median condo price in the Bay State shot up 24 percent to $300,000, the highest January median price for condos since The Warren Group began tracking median condo price data in 1987. In January 2013, the median price for a condo was $242,000.