BOSTON – Even as Massachusetts single-family home sales declined 3.7 percent year over year in June to 7,205, the median price increased 6.3 percent to $420,000, an all-time high in the state, according to The Warren Group Wednesday.
“Following the most recent price spike, it’s becoming increasingly apparent that 2018 will be a record-setting year,” said Timothy Warren Jr., CEO of The Warren Group. “After more than 40 years of tracking and analyzing the local real estate market, the median home price surpassing $400,000 is a first for me.”
In Bristol County, Mass., single-family home sales declined 4.8 percent over the year to 512, while the median sale price increased $5,000 year over year to $310,000.
The Warren Group also reported that there were 2,962 condominium sales in the Bay State in June, a 1.8 percent decline from June 2017. The median price of a condo in the state was $385,000, a 7.5 percent increase from one year prior.
Bristol County, Mass., accounted for 123 condo sales for the month, a 35.2 percent increase, at a median price of $230,000, a $10,000 year-over-year increase.
“The median statewide condo price has been above $370,000 for four consecutive months,” Warren added. “The bulk of the price gain is the results of major development throughout the Greater Boston area, and with 18 major developments slated for completion this year – bringing even more condos to the market – I don’t expect price gains to slow anytime soon. I wouldn’t be surprised if the median condo price joins single-family homes above the $400,000 mark in the coming months.”
Chris Bergenheim is the PBN web editor.
