Boston Condos for Sale and Apartments for Rent
Boston condo and single family home sales rise in Boston Massachusetts
by Liz Hughes June 28, 2022
Massachusetts single-family home sales set another record in May, according to a new Warren Group report.
Limited inventory and fierce competition continued to add upward pressure to prices, the report found, as the demand continued to outpace supply.
The Warren Group’s Massachusetts Sales Report for May found that single-family home sales fell 7.3% to 4,788 from 5,165 a year ago.
The median sale price marked an all-time high for single-family home sales, up 12.4% to $590,000, from $525,000 in February 2021.
Tim Warren, CEO of The Warren Group, said median single-family home prices consistently reaching all-time highs is truly indicative of current market conditions.
“The balance between supply and demand has been way out of sync for some time, and this is the manifestation of that imbalance,” he said. “To cope, many buyers are setting their sights on markets farther and farther from major hubs — and even outside of Massachusetts.”
So far this year, 18,371 single-family homes sold in Massachusetts, a 10.1% decrease from a year ago. At the same time, the year-to-date median single-family home price rose 10.4% to $530,000.
Condominiums followed similar trends last month. May condominium sales fell 11.6% to 2,414 from 2,730 a year prior.
The median sale price of a condo in the Bay State increased 7.1% to $525,000, the second month in a row median condo prices hovered about $500,000, according to the report.
For the first five months of 2022, 9,516 condos sold in Massachusetts, down 11% from a year ago. The median condominium sale price rose 7.2% from the same time period to $482,500.
“The median condo price has now been above $500,000 for two straight months, and the median price of $525,000 marked a new all-time high for the month of May,” Warren said. “It’s apparent that demand for condos is strong, which may make it difficult for prospective homebuyers who are looking at condos as an alternative to single-family homes.”
Updated: Boston Real Estate Blog 2022
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Bay State condo prices and sales surged ahead last month, though sales of
single-family homes grew at a more modest pace, a real estate trade group reported
yesterday.
Condo sales rose 26 percent in March compared with the same month the year
before. That represented an increase in sales to 1,689 units – the best March volume ever – from
1,340 in March 2004, the Massachusetts Association of Realtors reported.
And condo
prices posted a year-over-year price increase of nearly 11 percent, rising to a median of
$265,000.
Meanwhile, sales of single-family houses rose at a considerably slower
pace, posting a year-over-year 1.3 percent increase in March.
The number of homes
sold rose to 3,382 from 3,340 in March 2004.
House prices, however, shot up 12.7
percent in March when compared with the same period the year before, the MAR
said.
The median price of a house sold in Massachusetts hit $350,000 in March, up
from $310,000 in March 2004.
Source: Massachusetts Association of
Realtors
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Updated: December 2017
