Following a 20.1 Percent Spike, the Median Condo Price Hit a Record High of $389,000
BOSTON, April 25, 2018 – Massachusetts single-family home sales decreased in March on a year-over-year basis, while the median condominium price reached a record high, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 3,632 single-family home sales recorded in Massachusetts, an 8 percent dip from March 2017. Concurrently, the median single-family sale price increased 5.4 percent to $354,000, up from $335,750 a year earlier. Month-over-month, single-family home sales spiked 40.1 percent, up from the 2,578 transactions recorded in February 2018. Year-to-date, there have been 9,832 single-family home sales across Massachusetts with a median sale price of $350,000.
“Although year-to-date single-family homes sales have dipped slightly from where they were at this time last year, the median sale price continues to increase at an impressive rate,” said Tim Warren, CEO of The Warren Group. “The most recent gain marks 24 straight months of year-over-year median home price gains, and even though we should see an increase in inventory on the market in the coming months, there’s no sign that price gains will slow down.”
There were 1,854 condominiums sold in March – an increase of 0.05 percent from March 2017. Meanwhile, the median condo price reached a record high after surging 20.1 percent to $389,000 up from $354,000 a year earlier. Year-to-date, condo sales were up 0.22 percent with 4,458 transactions compared to the same period in 2017, while the median price rose 13.4 percent to $362,873.
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