PROVIDENCE – Sales of single-family homes in Massachusetts increased 8.7 percent year over year in February to 2,810 from 2,585, according to The Warren Group Wednesday.
The median price of Massachusetts homes increased 7.4 percent year over year to $365,000 from $340,000, an all-time high price for February.
“Massachusetts single-family home prices continue to set records as demand remains strong while supply is tight,” said Timothy Warren Jr., CEO of The Warren Group. “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 Bristol County, Mass., there were 255 single-family homes sales in February, an increase of 20.3 percent over the year. The median price of a home in the county increased 3.6 percent year over year to $290,000.
Condominium sales in Massachusetts totaled 1,235 in February, a year-over-year increase of 6.2 percent, while the median price of a condo in the Bay State declined 2 percent year over year in February to $343,000.
In Bristol County, Mass., condo sales totaled 61, a sharp increase from 34 sales the year prior. The median price of a condo in the county was $196,000, a decline from $216,000 the year before.
“Condo sales normally reach their low in any given year in February,” said Warren. “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.”
Year to date, the price of a single-family home in Massachusetts was $365,000, 4.9 percent higher price than year-to-date figures in February 2018. Home sales declined in that time to 6,044 from 6,211. The Bristol County, Mass., median home price year to date in February was $289,000, an increase of 5.1 percent over the year.
Condo sales year to date totaled 2,486 through February statewide, a decline of 4.5 percent from the two-month figure from the year before. The median price of a Bay State condo year to date in February was $349,250, $50 less than one year prior.
Year-to-date sales of condos in Bristol County, Mass., increased 21.6 percent to 107, with the median price falling 10.9 percent to $196,000.
Chris Bergenheim is the PBN web editor. He may be reached at Bergenheim@PBN.com.
