Median Sale Price Rises 1.5 Percent
BOSTON, January 24, 2017 – There were 5,129 single-family homes sold in Massachusetts in December, compared to 4,924 in December 2015, a 4.2 percent increase. This marks the highest December sales amount since 2004 and the third highest December total on record. Year-to-date, sales are up by 11.3 percent with 60,751 homes sold through December 2016 compared with 54,587 sold during the same time last year.
The median sale price of a single-family home in December reached $340,000, a 1.5 percent increase from $335,000 in December 2015. For the full year of 2016 prices are up 1.5 percent from the prior year, with a median sale price of $345,000.
“After robust sales in the first six months of 2016, the market cooled a bit in the second half,” said Timothy Warren, CEO of The Warren Group. “Nevertheless the number of single-family home sales for the full year increased by more than 10 percent for the second year in a row. The increase in the median sale price was more modest. It has increased by less than 3 percent for three years in a row.”
The number of condominiums sold in December increased by 2.5 percent, with 1,995 sold compared with 1,946 sold in December 2015. For the full year of 2016, condo sales increased by 8.5 percent to 23,962 condos sold compared with 22,091 in the prior year.
The median sale price for condos in December reached $325,000, a 3.3 percent increase from $314,610 in December 2015. For the full year of 2016, condo prices are up 4.1 percent with a median sale price of $329,900 compared with $316,885 in the prior year.
Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, industry news coverage, networking, and education opportunities. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record and Registry Review and architect behind some of the leading events and conferences for banking, legal, and real estate professionals in all of New England. For more information visit www.thewarrengroup.com.
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