Single-family home sales down from February 2019 as condo sales spike.
PEABODY, March 25, 2020 – The median sale price for both single-family homes and condominiums increased last month across Massachusetts, achieving all-time highs for the month of February, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Last month, there were 2,673 single-family homes sales in Massachusetts, a 5.4 percent decrease from February 2019 when there were 2,824 transactions. Meanwhile, the median single-family sale price increased 4.1 percent on a year-over-year basis to $380,000, up from $365,000 in February 2019 and marking an all-time high for the month of February. Year-to-date, there have been 6,181 single-family home sales – a 1.9 percent increase from the first two months of 2019 – with a median sale price of $385,500 – a 5.3 percent increase on the same basis.
“The median single-family home price continued its record-setting streak in February,” said Tim Warren, CEO of The Warren Group. “The last time the median sale price declined on a year-over-year basis in any month was in March 2016. However, with economic uncertainty perpetuated by COVID-19 and Massachusetts essentially at a standstill, we can expect the number of single-family home sales and the median sale price to take a hit in the coming months.”
There were 1,402 condominiums sales in February, compared to 1,234 sales in February 2019 – a 13.6 percent increase, and the most transactions recorded for the month of February since 2007. Meanwhile, the median sale price spiked 16.6 percent to $400,000. This marked the second month in a row that the median statewide condo price surpassed the median single-family home price. Year-to-date, there have been 2,924 condo sales – a 17.8 percent increase from the first two months of 2019 – with a median sale price of $400,000 – a 15.6 percent increase on the same basis.
“This marked the second consecutive month that the median statewide condo price was higher than the median single-family home price,” Warren continued. “Historically, this has been a rarity in the Massachusetts housing market, but perhaps with a thriving condo market in the Greater Boston area, this could be the new normal.”
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