Median condominium price exceeds $400,000 for first time in Massachusetts.
PEABODY, June 26, 2019 – The median sale price for both single-family home and condominiums spiked last month on a year-over-year basis; setting records in the process, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 5,675 single-family home sales recorded in Massachusetts, a 7.3 percent increase from May 2018 when there were 5,290 transactions. Meanwhile, the median single-family sale price rose 4.1 percent on a year-over-year basis to $410,000, which marked an all-time high for the month of May. Year-to-date, there have been 19,699 single-family home sales – a 2 percent increase from the first five months of 2018 – with a median sale price of $385,000 – a 5.5 percent increase on the same basis.
“The median single-family home price reached an all-time-high for the month of May,” said Tim Warren, CEO of The Warren Group. “Inventory levels – especially new listings – are down this year. As such, I fully expect the median single-family home price to reach new highs in the coming months.”
Concurrently, there were 5,108 purchase mortgages for single-family homes in May, marking an 8.4 percent increase on a year-over-year basis. April purchase mortgages totaled $2.10 billion – an 11.5 percent increase from a year earlier. Year-to-date, single-family homes have accounted for 17,705 purchase mortgages across Massachusetts totaling $6.99 billion.
In May, there were 2,552 condominiums sales, compared to 2,447 sales in May 2018 – a 4.3 percent increase. Meanwhile, the median sale price spiked 5.7 percent to $400,500 – the highest price ever recorded for the month of May and the first time the median sale price has exceeded $400,000 in any month. Year-to-date, there have been 8,743 condo sales with a median sale price of $370,000.
“In over 32 years of tracking condo sales, we have never seen the median sale price exceed $400,000,” Warren continued. “I didn’t expect to see such a significant spike in the condo market last month, as the median sale price declined on a year-over-year basis for the previous three consecutive months. The recent development is truly unprecedented.”
Condos accounted for 1,966 purchase mortgages
last month, totaling $760 million. Year-to-date, condos have accounted for 6,607
purchase mortgages totaling $2.41 billion.
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