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Mass home sales and listings
Massachusetts home, condo sales increase for second straight month
Home and condo sales in the Bay State rose again in May for the second month in a row, as median prices reached new heights, according to the Warren Group’s May 2024 Sales Report.
Massachusetts May single-family home sales were up 7.5% from last year, just a month after they had the largest year-over-year increase since June of 2021.
Last month, single-family home sales increased 7.5% from the year before, as the median price reached $636,000.
Cassidy Norton, associate publisher and media relations director of the Warren Group, said the 7.5% year-over-year surge in single-family home sales marked the second month in a row of increases, but there was even more good news.
“Remarkably, during the same period, the median sale price climbed almost 8% to reach an all-time high of $636,000,” Norton said. “Typically, increased sales would temper price growth, but the pent-up demand from homebuyers is redefining market dynamics.”
Since January, 14,005 homes have sold, up 2.1% from the first five months of 2023. During the same period, the median single-family home price rose 9.3% to $590,000.
Condominium sales also saw increased growth last month.
Condo sales rose 4.3% to 1,922 transactions, compared to 1,843 in May 2023. Meanwhile, the median sale price increased 4.6% to $550,000, also marking a new high for the month.
“Massachusetts condominium sales activity saw a robust uptick in May, with 1,922 units sold in May 2024 compared to 1,843 in May 2023, marking a 4.3% increase,” Norton said. “The market’s strength is further evidenced by the median sale price rising 4.6%year-over-year to $550,000, setting a new all-time high for the month of May.”
So far this year, 7,016 condos sold across the state, down 0.5% from 2023, with a median sale price that’s up 6% to $530,000.
Updated: Boston Real Estate Blog 2024
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Mass home sales and listings
Massachusetts home listings continued to decline in December, as sales prices reached new highs and homes sold in record time, according to the Massachusetts Association of Realtors December Housing Statistics report. But what does that mean for 2022?
Strong Boston condo demand
The MAR expects the housing trends of 2021 to carry into the new year, but at a more moderate pace, according to the report, which also suggests strong buyer demand and inventory shortages will continue into 2022.
“As we enter the new year, buyer activity and low inventory rates are expected to linger while price growth is anticipated to slow down,” MAR president Dawn Ruffini said in a press release. “This change in price growth is a great incentive for those thinking of selling their homes to begin the process and secure the best value for their property. The sustained demand for homes is yet to temper, especially as we notice a decrease in new listings.”
Median Sales Price for Single-family homes
Last month, the median price for a single-family home was up 10.5% year over year to $525,000, remaining steady from November. Single-family home listings, meanwhile, were down 15.8% compared to the previous year.
Boston Condo Prices
Condominium prices also rose in December, to $455,000, up 8.3% from 2020, but dropped from November’s median price of $461,649. Similar to single-family home listings, condominium listings fell 18% compared to last year.
Boston Condo Sales
The report also found single-family closed sales fell 13.3% compared to last year, while closed condo sales dropped 3.5%. The report noted both of these decreases were on-trend with November and expected for the time of year.
Boston Real Estate Blog Updated 2022
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According to the Boston Business Journal:
There were 5,978 single-family home sales in Massachusetts during the month of June, a drop of 8.3 percent from June, 2006, when there were 6,517 sales.
Condominium sales experienced the worst drop in sales all year in June, with sales falling 12.3 percent from 3,566 in June 2006 to 3,128, according to the report, which includes multiple listing data as well as homes that are for sale by owner.
Sales for the first six months of the year are down 5%, compared to 2006.
I’m surprised by the results, seeing as the market remains strong within the city of Boston.
Separately, the Massachusetts Association of Realtors reported that their inventory of single-family home and condo listings decreased 16.6 percent compared to the same time, last year.
More: Reports: Mass. housing sales continue slide – Boston Business Journal
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