BOSTON, March 28, 2017 – The number of single-family homes sold in Massachusetts broke the 2,500 mark for the second year in a row in February. The median sale price of condominiums also hit a record high for the month, according to a new report from The Warren Group.
There were 2,639 single-family homes sold in the Bay State in February, compared to 2,884 in February 2016, an 8.5 percent decrease. This is a stark contrast to the 31.5 percent year-over-year increase in February 2016; however, this is the second year in a row and the second time since 2007 that February sales topped 2,500.
The median sale price of a single-family home in February reached $319,000, a 6.7 percent increase from $299,000 in February 2016. This is only the second February median sale price to break $300,000 since 2008. The other was 2015 with $312,500.
“The decline in the number of single-family homes sold is not surprising to me,” said Timothy Warren, CEO of The Warren Group. “The number sold in February 2016 was extraordinarily high and raised the bar to a ‘can’t be beat’” level.”
The median condo sale price in February reached $297,700, an 8.1 percent increase from $275,500 in February 2016 – the highest median sales price for condos in February on record.
The number of condominiums sold in February decreased by 2.2 percent, with 1,128 sold compared with 1,153 sold in February 2016. This modest decline follows a sharp increase in the prior year; February 2016 had a 23.2 percent increase over its predecessor year. However, it is only the second year, along with last year, that condo sales have broken a thousand in February since 2008.
“The lack of inventory is actually contributing to these record-breaking median prices in February,” said Cassidy Murphy, Editorial Director of The Warren Group. “The pent-up demand in the market is driving buyers to snap up whatever they can find – at whatever price they can afford.”