Condo sales up as median sale price edges lower.
PEABODY, March 27, 2019 – Massachusetts single-family home sales spiked on a year-over-year basis as the median sale price reached an all-time high for the month of February, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 2,810 total sales recorded in Massachusetts, an 8.7 percent increase from February 2018 when there were 2,585 transactions. This marked the highest number of sales for the month of February since 2016. Meanwhile, the median single-family sale price increased 7.4 percent on a year-over-year basis to $365,000, which marked an all-time high for the month of February. Year-to-date, there have been 6,044 single family home sales with a median sale price of $365,000.
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“Massachusetts single-family home prices continue to set records as demand remains strong while supply is tight,” said Tim Warren, CEO of The Warren Group. “The last time the median sale price declined on a year-over-year basis was in March 2016. Furthermore, February’s increase in median price was the biggest percentage gain in four years.”
In February, there were 1,235 condominiums sales, compared to 1,163 sales in February 2018 – a 6.2 percent increase and the most transactions recorded for the month of February since 2008. Meanwhile, the median sale price fell 2 percent to $343,000. Year-to-date, there have been 2,486 condo sales with a median sale price of $349,250.
“Condo sales normally reach their low in any given year in February,” Warren continued. “It has yet to be seen if that will be the case in 2019, but the slight uptick last month shows that buyers aren’t being scared off by historically high sale prices.”
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Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record, and The Registry Review. For more information visit www.thewarrengroup.com.