Single-Family, Condo Prices Highest On Record For June
Boston, July 25, 2017 – The median prices of single-family homes and condominiums in Massachusetts rose to their highest point on record for the month of June, according to a new report from The Warren Group, publisher of Banker & Tradesman.
The median sale price of a single-family home in June increased 6.2 percent to $395,000, well beyond last June’s $372,000. This marks 15 straight months of year-over-year price increases going back to April of 2016, and the second straight month of record-breaking price points.
There were 7,472 single-family homes sold in June, edging out the 7,396 in June 2016 for a 1 percent increase. This is the highest sales total since June of 2004.
Year-to-date, single-family home sales were up 0.7 percent through June compared to the same period in 2016 (from 27,000 to 27,184), while the median price jumped 6.3 percent (from $338,650 to $360,000) over that period.
“The rise in median price and total sales will surprise nobody, considering the trajectory that these statistics have been on all year,” said Timothy Warren, CEO of The Warren Group. “However, the fact that the median is just a hair under $400,000 is unprecedented, and perhaps worrisome. The growth in the number of home sales has slowed due to the the fact that so few homes are for sale. Prices are being driven up, but are they sustainable?”
There were 3,007 condominiums sold in June 2017, compared to 2,848 last year – an increase of 5.6 percent. The median sale price rose by 3.6 percent, hitting $357,500.
“Several hundred new condo units have come online recently in Boston,” said Cassidy Murphy, Editorial and Media Relations Director of The Warren Group. “Those units were almost all immediately snapped up and inventory levels remain low, driving up prices across the Greater Boston area. Other parts of the state are seeing similarly low inventory levels and rising prices.”
Year-to-date condo sales were up 7.5 percent through June compared to the same period in 2016 (from 10,699 to 11,500, while the median price was up 5.6 percent over the same period (from $321,000 to $339,000).