Highest January Condo Median Sale Price On Record
BOSTON, February 28, 2017 – There were 3,621 single-family homes sold in the bay state in January, compared to 3,433 in January 2016, a 5.5 percent increase. This marks the fourth highest January sales total on record and the highest number since 2005 when sales reached 3,637.
The median sale price of a single-family home in January reached $342,500, a 7.0 percent increase from $320,000 in January 2016. This marks the highest January median sale price in over a decade when prices reached $349,000 in 2006.
“The 7.0 percent gain in median sale price in January is the biggest percentage gain for any month since March 2014,” said Timothy Warren, CEO of The Warren Group. “The real estate market in Massachusetts continues its steady climb to surpass all previous peaks.”
The number of condominiums sold in January increased by 10.1 percent, with 1,469 sold compared with 1,334 sold in January 2016. Condo sales, much like single family homes have had a surprisingly strong January and this marks the highest January sales in 11 years.
The median sale price for condos in January reached $329,000, a 12.7 percent increase from $291,875 in January 2016. This marks the highest January condo median sale price on record. The second highest number was in 2014 when prices reached $300,000. The condo market is thriving and shows no sign of slowing down anytime soon.
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.