Median Price Continues Upward Trend with 5.6 Percent Gain
BOSTON, January 24, 2018 – Massachusetts home sales slowed last month, seeing the fewest number of December sales since 2014, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 4,727 total sales recorded in Massachusetts, a 6.6 percent decline from December 2016, bringing the year-to-date total number of sales to 60,695. This marks the second consecutive year where total annual sales surpassed 60,000. The December decline in sales volume was the biggest drop since February.
Despite fewer total sales, the median single-family sale price in December increased 5.6 percent to $360,000, up from $340,000 a year earlier. For the full year of 2017 median prices gained 5.5 percent, the largest gain in four years. The 2017 median price of $365,000 is the highest annual median price on record, exceeding the record of $355,000 previously set in 2005.
“Following strong sales over the past six months, Massachusetts single-family home sales finally encountered a slow-down in December,” said Timothy Warren, CEO of The Warren Group. “However, the notable uptick of the year-over-year median sale price continues to illustrate the unique dynamic between supply and demand. The well-publicized and long-standing shortage of homes listed for sale is finally starting to push prices upwards.”
Additionally, there were 1,896 condominiums sold in December 2017, compared to 1,960 in December 2016 – a decline of 3.4 percent. The median sale price rose 6.5 percent, hitting $347,500, up from $325,000 in December 2016.
Year-to-date condo sales were up 3.6 percent through December compared to the same period in 2016 (an increase from 23,971 to 24,860), while the median price was up 3.2 percent over the same time (from $330,000 to $341,000).
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