Condos Also Experience Significant Year-Over-Year Price Gain
BOSTON, July 25, 2018 – Massachusetts single-family home sales declined in June on a year-over-year basis, while the median sale price reached an all-time high, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, the median single-family sale price increased 6.3 percent to $420,000, up from $395,000 a year earlier. This marks the first time the median single-family home price has ever exceeded $400,000 in a given month. Year-to-date, the median price rose 5.6 percent to $380,000.
“Following the most recent price spike, it’s becoming increasingly apparent that 2018 will be a record-setting year,” said Tim Warren, CEO of The Warren Group. “After more than 40 years of tracking and analyzing the local real estate market, the median home price surpassing $400,000 is a first for me.”
There were 7,205 single-family home sales recorded in Massachusetts in June, a 3.7 percent decrease from June 2017, marking two consecutive months of falling sales numbers as inventory continues to shrink. Year-to-date, 26,500 single-family homes have been sold across Massachusetts, a decline of 2.6 percent from the first six months of 2017.
Condominium sales in June totaled 2,962 transactions, marking a 1.8 percent decrease on a year-over-year basis. Meanwhile, the median condo sale price increased 7.5 percent to $385,000 – the second-highest median sale price ever achieved in condo sales. Year-to-date, condo sales increased 2.8 percent with 11,834 transactions compared to the same period in 2017, while the median price rose 10.6 percent to $385,000.
“The median statewide condo price has been above $370,000 for four consecutive months,” Warren continued. “The bulk of the price gain is the results of major development throughout the Greater Boston area, and with 18 major developments slated for completion this year – bringing even more condos to the market – I don’t expect price gains to slow anytime soon. I wouldn’t be surprised if the median condo price joins single-family homes above the $400,000 mark in the coming months.”
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