The median sale price for both single-family homes and condominiums continued to rise in September on a year-over-year basis, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 5,017 single-family home sales recorded in Massachusetts, a 1.4 percent increase from September 2018 when there were 4,949 transactions. Meanwhile, the median single-family sale price rose 5 percent on a year-over-year basis to $399,000, which marked an all-time high for the month of September. Year-to-date, there have been 44,291 single-family home sales – a 1.6 percent decrease from the first nine months of 2018 – with a median sale price of $400,000 – a 3.2 percent increase on the same basis.
“The Massachusetts single-family housing market continued to set records in September,” said Tim Warren, CEO of The Warren Group. “The gain in the median price last month was the biggest monthly gain since March and the gain in sales of single-family homes is the first time sales have actually increased since May. Until the economy hits a bump in the road, the real estate market in Massachusetts should continue to inch its way upwards.”
Excluding Nantucket, where a mere 31 single-family homes sold in the third quarter, Franklin County has seen the fastest growth in its year-to-date median single-family sale price this year, growing 7.84 percent on a year-over-year basis, followed closely by Bristol County’s 7.58 percent growth rate and Berkshire county’s 7.55 percent growth rate. Hampshire County has so far this year seen the slowest growth in home prices, growing a mere 0.8 percent on a year-over-year basis. Middlesex County has seen the next-slowest pace of growth at 1.73 percent, despite having grown 8.67 percent year-to-date compared to 2017.
In September, there were 1,970 condominium sales, compared to 1,865 sales in September 2018 – a 5.6 percent increase. Meanwhile, the median sale price spiked 14.3 percent on a year-over-year basis to $375,000 – an all-time-high for the month of September. Year-to-date, there have been 18,414 condo sales – a 2.3 percent decrease – with a median sale price of $385,000 – a 4.3 percent increase from the first nine months of 2018.
“Condos have been a hot commodity in 2019, but a double-digit spike in the median sale price is quite remarkable,” Warren said. “In fact, 14.3 percent marked the biggest year-over-year spike for the month of September in 17 years.”