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Single Family Home Sales, Prices Near Pre-Recession Peak For March

by | Apr 25, 2017 | Press Releases, Sales

Condo Sales Jump 23.5 Percent

BOSTON, April 25, 2017 – Massachusetts single-family home sales in March were the highest in that month since March of 2006, according to a new report from The Warren Group. The March median price for single-family homes was the highest in that month since 2007.

There were 3,943 single-family homes sold in the Bay State in March, compared to 3,701 in March 2016, a 6.5 percent increase year over year. This is highest March number since March 2006’s 4,158 sales.

The median sale price of a single-family home in March reached $335,500, a 6.5 percent increase from $315,000 in March 2016. This is only slightly below March 2007’s median of $340,000, among the highest peaks in the years leading up to the recession.

Year to date, single-family home sales were up 2.2 percent in the first quarter compared to the same period in 2016, while the median price was up 7.2 percent.

“Increasingly, we’re having to go back at least a decade to see sales and median prices at the level they’ve hit lately, and March is a perfect example,” said Timothy Warren, CEO of The Warren Group. “As the spring market ramps up, we’re going to see these numbers climb, likely to levels at or even above those of the mid-2000s.”

1,853 condominiums were sold in March – an increase of 23.6 percent from March 2016. This is the second straight March that has shown a more than 20-percent year over year increase, with March 2016 jumping 26 percent over 2015.

Year to date, condo sales were up 11.8 percent compared to the same period in 2016, while the median price was up 8.5 percent.

“Condos continue to be a popular means of homeownership around the state, and the numbers reflect that,” said Cassidy Murphy, Editorial and Media Relations Director of The Warren Group. “It helps that we’ve had two mild winters in a row, allowing construction to move along swiftly, much to the delight of developers. It seems we’re seeing a lot of those units come online at the outset of this year’s spring market, which is sure to be hot.”