Single-Family Home Sales Increase 31.5 Percent
BOSTON, April 26, 2016 – The median sale price of a condominium in the Bay State exceeded that of a single-family home in March for the first time in four years.
The condo median sale price in March was $320,000, while the median single-family price was $315,000. The last time the median price of a condo exceeded that of a single-family home was in April 2012; at the time, it was the first such occasion since The Warren Group began its current method of tracking real estate data in 1987.
The median condo price in the Bay State increased by 10.4 percent to $320,000 compared with $289,900 in the same month last year. Year-to-date, condo prices were up slightly, with a median sale price of $295,000 compared with $292,197 in the same time period last year, an increase of 1.0 percent.
Condo sales for the month rose by 26.3 percent with 1,497 condos sold compared with 1,185 sold in March 2015. This marked the 10th consecutive month of increases in condo sales. Year-to-date, condo sales increased by 26.2 percent to 3,977 condos sold compared with 3,152 in the same timeframe last year.
“It’s definitely a sign of the times,” said Timothy M. Warren Jr., CEO of The Warren Group. “The many luxury units coming online in Greater Boston have clearly had an outsize effect on the market, while the median price of a single-family home has dipped slightly in recent months. It’s certainly good news for the condo developers currently in permitting or under construction.”
Single-family home sales in Massachusetts rose by 31.5 percent in March; there were 3,681 single-family homes sold statewide in March, compared with 2,798 in March 2015. Year-to-date, sales were up significantly by 29.2 percent with 9,979 homes sold compared with 7,723 sold during the same time last year.
The median sale price of a single-family home in Massachusetts in March decreased by 0.9 percent to $315,000 from $318,000 last year. Year-to-date, prices fell by 2.0 percent to $319,000 from $312,500 in the same timeframe last year.
The Warren Group offers a range of real estate products, information services and printed publications, including Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. For more information about The Warren Group, visit www.thewarrengroup.com.