Massachusetts single-family home sales increased in April on a year-over-year basis, while the median sale price continued to climb for the 25th straight month, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, the median single-family sale price increased 8.7 percent to $375,000, up from $345,000 a year earlier. Month-over-month, the median single-family home price climbed 5.8 percent, up from $354,000 in March 2018. Year-to-date, the median price rose 5.6 percent to $356,800 over the total for the first four months of 2017.
“With the most recent median sale price increase, prices have now appreciated on a year-over-year basis for 25 consecutive months,” Warren Group CEO Timothy Warren Jr. said in a statement. “There’s no clear indicator that price gains will slow down, and with buyers prepping for peak buying season, they shouldn’t expect any relief in the coming months.”
There were 4,157 single-family home sales recorded in the state in April, a 1.2 percent increase from April 2017. This marked the first increase in the number of homes sold on a year-over-year basis since November 2017. Year-to-date, 14,004 single-family home sold across Massachusetts, a decline of 2.3 percent from the first four months of 2017.
Condominium sales in April saw a notable increase – rising 15.1 percent on a year-over-year basis with 1,963 transactions. Meanwhile, the median condo price rose 12.8 percent to $373,000 up from $330,750 a year earlier. Year-to-date, condo sales increased 4.4 percent with 6,423 transactions compared to the same period in 2017, while the median price rose 12.6 percent to $365,000.
“In March, Massachusetts condos were a significantly more expensive option for homebuyers,” Warren said. “But with prices for both condos and single-family homes drawing almost equal in April, it will be exciting to watch the dynamic between the two property types moving forward.”
