Massachusetts single-family home sales spiked on a year-over-year basis as the median sale price reached an all-time high for the month of February, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 2,810 total sales recorded in Massachusetts, an 8.7 percent increase from February 2018 when there were 2,585 transactions. This marked the highest number of sales for the month of February since 2016. Meanwhile, the median single-family sale price increased 7.4 percent on a year-over-year basis to $365,000, which marked an all-time high for the month of February. Year-to-date, there have been 6,044 single family home sales with a median sale price of $365,000.
“Massachusetts single-family home prices continue to set records as demand remains strong while supply is tight,” Tim Warren, CEO of The Warren Group, said in a statement. “The last time the median sale price declined on a year-over-year basis was in March 2016. Furthermore, February’s increase in median price was the biggest percentage gain in four years.”
In February, there were 1,235 condominiums sales, compared to 1,163 sales in February 2018 – a 6.2 percent increase and the most transactions recorded for the month of February since 2008. Meanwhile, the median sale price fell 2 percent to $343,000. Year-to-date, there have been 2,486 condo sales with a median sale price of $349,250.
“Condo sales normally reach their low in any given year in February,” Warren said. “It has yet to be seen if that will be the case in 2019, but the slight uptick last month shows that buyers aren’t being scared off by historically high sale prices.”
Inventory of single-family homes also fell by 9.5 percent on a year-over-year basis in February, according to the Massachusetts Association of Realtors, with 10,262 homes on the market and 4,480 new listings that month compared to 11.334 and 4,671 in February 2018, respectively. The state now only has 2.2 months of supply, compared to 2.4 in the same month last year.
The number of condominiums on the market rose for the second straight month and only the second time in the last 35 months, MAR reported. Inventory climbed 5.6 percent in February on a year-over-year basis, from 3,368 units to 3,558, while the number of new listings grew by less than 1 percent to 1,928. The condo market now has 1.9 months of supply.
“It’s a positive sign that we’ve seen an increase in the number of condominiums for sale over last year” 2019 MAR President Anne Meczywor said in a statement. “We still need to support an increase in the production of all housing types to meet current and future demand, which will keep our economy vibrant and strong.”
