Median single-family home sale price reaches all-time high for month of April

PEABODY, May 22, 2019 – Single-family home and condominium sales increased last month as the spring Massachusetts real estate market started to heat up, according to a new report from The Warren Group, publisher of Banker & Tradesman.

Last month, there were 4,279 single-family home sales recorded in Massachusetts, a 2.8 percent increase from April 2018 when there were 4,162 transactions.

Meanwhile, the median single-family sale price rose 2 percent on a year-over-year basis to $382,500, which marked an all-time high for the month of April. Year-to-date, there have been 14,004 single-family home sales with a median sale price of $375,000 – a 5 percent increase from the first four months of 2018.

“The median sale price for single-family homes has been steadily on the rise for the last three years,” said The Warren Group Associate Publisher and Media Relations Director Cassidy Norton. “Even with inventory levels improving, I fully expect stiff competition between buyers to keep prices elevated during the upcoming spring and summer months.

Concurrently, there were 3,823 purchase mortgages for single-family homes in April, marking a 5.2 percent increase on a year-over-year basis. April purchase mortgages totaled $1.52 billion – a 6 percent increase from a year earlier. Year-to-date, single-family homes have accounted for 12,581 purchase mortgages across Massachusetts totaling $8.87 billion.

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In April, there were 1,990 condominiums sales, compared to 1,965 sales in April 2018 – a 1.3 percent increase. Meanwhile, the median sale price fell 0.5 percent to $370,000 – marking the third consecutive month that the median condo sale price has declined on a year-over-year basis. Year-to-date, there have been 6,192 condo sales with a median sale price of $359,000.

“The median condo sale price has now declined on a year-over-year basis for three consecutive months,” Norton continued. “Year-to-date, the median condo sale price is now down 3.6 percent. I don’t view this trend as a softening in the market, but rather a return to normalcy. Last year at this time, numerous luxury condos in the Greater Boston area were coming to market which added a significant boost to prices statewide.”

Condos accounted for 1,493 purchase mortgages last month, totaling $533 million. Year-to-date, condos have accounted for 4,643 purchase mortgages totaling $1.65 billion.

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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.