Median price for single-family gained 17.1% to $445,000.
PEABODY, March 18, 2021 – Massachusetts single-family homes and condominiums continued to set records in February as buyer demand showed no sign of slowing down, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Last month, there were 3,026 single-family home sales recorded in Massachusetts, a 12.8 percent increase from February 2020 when there were just 2,682 transactions. This marked the most single-family home sales in the month of February since 2004. Meanwhile, the median single-family sale price surged 17.1 percent on a year-over-year basis to $445,000, up from $380,000 in February 2020 – a new all-time high for the month of February. The median single-family home price has now been above $400,000 for 12 straight months.
“The high level of demand paired with a shrinking inventory has added significant upward pressure on the median single-family home price, which has now been above $400,000 for over a year,” said Tim Warren, CEO of The Warren Group. “Whether you’re a first-time homebuyer, a retiree looking to downsize, or looking to your “forever” home, good luck, because the competition is fierce, and prices reflect that.”
Year-to-date, there have been 6,866 single-family home sales in Massachusetts, a 10.7 percent increase from the first two months of 2020. Meanwhile, the year-to-date median single-family home price increased 15.3 percent on the same basis to $445,750.
There were 1,459 condominium sales In February 2021, compared to 1,404 in February 2020 – a 3.9 percent increase and the most transactions recorded for the month of February since 2007. Meanwhile, the median sale price rose 4.8 percent on a year-over-year basis to $419,000 – a new all-time high for the month of February and the eighth consecutive month that the median condo price has been more than $400,000.
“The condo market saw moderate gains in February compared to single-family homes, but we could be in for a surprise in the coming months,” Warren added. “With stage four of Gov. Charlie Baker’s reopening plan scheduled for March 22, the Red Sox, Celtics, and Bruins starting to allow fans back into games, and almost a million people vaccinated against COVID-19, a return to normalcy in major metro areas is on the horizon, which will make condos much more appealing to buyers again.”
Year-to-date, there have been 3,161 condo sales, an 8.1 percent increase from the first two months of 2020 with a median sale price of $410,000, a 2.5 percent increase on the same basis.
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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.