March condo sales, median price experience first year-over-year decline in four years.
PEABODY, April 24, 2019 – Massachusetts single-family home sales edged higher last month as the median sale price reached an all-time high for the month of March, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 3,667 single-family home sales recorded in Massachusetts, a 0.6 percent increase from March 2018 when there were 3,647 transactions. Meanwhile, the median single-family sale price spiked 6.2 percent on a year-over-year basis to $377,000, which marked an all-time high for the month of March. Year-to-date, there have been 9,716 single family home sales with a median sale price of $370,000.
“It’s not surprising to see the median single-family home price continue its upward trend,” The Warren Group Associate Publisher and Media Relations Director Cassidy Norton said. “Demand remains high and inventory low; it will be interesting to see if supply will be able to keep up with demand as more sellers begin to list their homes in the coming months.”
Concurrently, there were 3,306 purchase mortgages for single-family homes in March, marking a 1.6 percent increase on a year-over-year basis. March purchase mortgages totaled $1.28 billion – a 5.5 percent increase from a year earlier. Year-to-date, single-family homes have accounted for 8,749 purchase mortgages across Massachusetts totaling $3.35 billion.
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In March, there were 1,716 condominiums sales, compared to 1,856 sales in March 2018 – a 7.5 percent decrease and the fewest number of transactions recorded for the month of March since 2016. Meanwhile, the median sale price fell 7.5 percent to $360,000. Year-to-date, there have been 4,202 condo sales with a median sale price of $352,000.
“Though the median sale price for condos declined on a year-over-year basis, it was compared to an uncharacteristically high spike in March 2018,” Norton continued. “The local condo market has been bolstered by high-end units in the Greater Boston area in recent years. As the market works through its high-end supply, we could see a return to normalcy in the coming months.”
Condos accounted for 1,266 purchase mortgages last month, totaling $475 million. Year-to-date, condos have accounted for 3,150 purchase mortgages totaling $1.12 billion.
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