BOSTON – The median price of a single-family home in Massachusetts in January increased 4.9 percent year over year to $367,000, a high for the month of January, according to The Warren Group Wednesday.
There were 3,230 single-family home sales for the month, a 10.2 percent decline from one year prior.
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“A rising single-family sale price coupled with falling sales was a common trend we saw throughout 2018, so I’m not surprised it carried over into January 2019,” stated Timothy Warren Jr., CEO of The Warren Group. “The last time January saw a sale volume this low was in 2015, and [with] the local inventory still hovering near a historical low, you can expect to see fewer sales. Low supply is likely to push prices higher still.”
Condominium sales in the Bay State totaled 1,250 in January, a 13.3 percent decline from the year prior. The median price of condo increased 2.8 percent in that time, rising to $354,613.
“Newly built or renovated condos are a big part of the market and commanding higher prices,” Warren said. “The difference in median price between a single-family home and a condo is now just $13,400.”
In Bristol County, Mass., the median price of a single-family home in January was $288,000, a 5.1 percent increase from January 2018. There were 284 sales in the area in that time, a decline from 295 sales one year prior.
Condo sales in the county totaled 46 in January, a decline from 54 the year prior. The median sale price of a condo in the county declined 10.8 percent to $197,700 in that time.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
