Median Condo Price Hits Record High for April
BOSTON, May 23, 2017 – Massachusetts single-family home sales dropped slightly in April compared to last year, but the year-to-date performance continues to outpace 2016, according to a new report from The Warren Group, publisher of Banker & Tradesman. Meanwhile, the median condominium price hit its highest level on record for the month of April.
There were 4,102 single-family homes sold in the Bay State in April, compared to 4,296 in April 2016 – a 4.5 percent decrease. The median sale price of a single-family home during the month reached $345,500, marking a 2.7 percent increase from $335,950 in April 2016 – the highest mark since April 2007.
Year-to-date, single-family home sales edged 0.2 percent higher through April compared to the same period in 2016, while the median price spiked 5.6 percent.
“The number of homes and condos sold slipped a bit in April,” said Timothy Warren, CEO of The Warren Group. “But that is due to the fact that April last year was a gangbuster month with homes rocketing up 35.3 percent and condos gaining 18.7%. These benchmarks were too hard to match.”
Despite record-setting condo prices, sales dipped from April 2016 when there were 1,705 sold in April 2017 compared to 1,724 last year – a decline of 1.1 percent. Median condo prices rose by 3.4 percent, hitting $331,500 – the highest on record for April.
“The same issue is affecting both markets – a severe lack of inventory,” said Cassidy Murphy, The Warren Group’s editorial and media relations director. “Without listings, the number of sales is absolutely going to drop year over year, and prices will rise. A lot of factors contribute to the lack of inventory, but unless that situation changes, these trends are likely to continue.”
Year-to-date condo sales were up 7.9 percent through April compared to the same period in 2016, while the median price was up 9.6 percent over the same period.