Shrinking inventory pushes single-family home prices higher for 25 straight months.
BOSTON, May 23, 2018 – Massachusetts single-family home sales increased in April on a year-over-year basis, while the median sale price continued to climb, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, the median single-family sale price increased 8.7 percent to $375,000, up from $345,000 a year earlier. Month-over-month, the median single-family home price spiked 5.8 percent, up from the $354,000 in March 2018. Year-to-date, the median price rose 5.6 percent to $356,800 over the first total for the first four months of 2017.
“With the most recent median sale price increase, prices have now appreciated on a year-over-year basis for 25 consecutive months,” said Tim Warren, CEO of The Warren Group. “There’s no clear indicator that price gains will slow down, and with buyers prepping for peak buying season, they shouldn’t expect any relief in the coming months.”
In April, there were 4,157 single-family home sales recorded in Massachusetts, a 1.2 percent increase from April 2017. This marked the first increase in the number of homes sold on a year-over-year basis since November 2017. Year-to-date, 14,004 single-family home sold across Massachusetts, a decline of 2.3 percent from the first four months of 2017.
Condominium sales in April saw a notable increase – rising 15.1 percent on a year-over-year basis with 1,963 transactions. Meanwhile, the median condo price rose 12.8 percent to $373,000 up from $330,750 a year earlier. Year-to-date, condo sales increased 4.4 percent with 6,423 transactions compared to the same period in 2017, while the median price rose 12.6 percent to $365,000.
“In March, Massachusetts condos were a significantly more expensive option for homebuyers,” Warren continued. “But with prices for both condos and single-family homes drawing almost equal in April, it will be exciting to watch the dynamic between the two property types moving forward.”
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