Condominiums Surpass Last Month’s High, Set New Record
BOSTON, August 23, 2016 – The median sale price of a single-family home in Massachusetts rose by 2.7 percent in July, according to a new report from The Warren Group, publisher of Banker & Tradesman, while the number of sales fell for the first time this year. Continuing the trend, condominium sales fell for the month while the median price set a new record high.
The median sale price of a single-family home in July was $369,900, a $9,000 increase from $360,000 last year. July’s median was the second-highest median sale price on record for single-family homes, dropping below June 2016’s record-setting $372,000. Year-to-date prices are up 1.5 percent from last year, with a median sale price of $345,000.
The number of homes sold dropped for the first time this year, down 12.5 percent compared to July 2015. There were 6,205 single-family homes sold in the Bay State in July, compared with 7,090 in July 2015. Year-to-date, sales are up by 15.2 percent with 33,146 homes sold through July 2016 compared with 28,778 sold during the same time last year.
“Sales are definitely going strong, especially in terms of prices,” said Cassidy Murphy, editorial director of The Warren Group. “Last year’s market was an unusual one and a drop in the number of sales year-over-year isn’t unusual in this case. Low inventory, especially in the median price range, continues to be an issue in many areas of the state and prices are rising as a result.”
June’s record median condo sale price of $345,000 lasted a mere four weeks before jumping another $5,000 to July’s new record high. The median price increased by 3.7 percent to $350,000, compared with $337,500 in the same month last year. Year-to-date, condo prices are up 3.3 percent to a median sale price of $327,500 compared with $316,870 in the same time period last year.
The number of condos sold dropped by 15.7 percent in July, with 2,357 sold compared with 2,795 sold in July 2015. Year-to-date, condo sales have increased by 7.4 percent to 13,030 condos sold compared with 12,132 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.