Massachusetts single-family home sales edged higher last month as the median sale price reached an all-time high for the month of March, according to a new report from The Warren Group, publisher of Banker & Tradesman.

Last month, there were 3,667 single-family home sales recorded in Massachusetts, a 0.6 percent increase from March 2018 when there were 3,647 transactions. Meanwhile, the median single-family sale price spiked 6.2 percent on a year-over-year basis to $377,000, which marked an all-time high for the month of March. Year-to-date, there have been 9,716 single family home sales with a median sale price of $370,000.

“It’s not surprising to see the median single-family home price continue its upward trend,” The Warren Group Associate Publisher and Media Relations Director Cassidy Norton said in a statement. “Demand remains high and inventory low; it will be interesting to see if supply will be able to keep up with demand as more sellers begin to list their homes in the coming months.”

Single-family inventory dropped by 5.4 percent to 10,822 homes, according to the Massachusetts Association of Realtors, with the number of months of supply down 4.2 percent to 2.3 months. The average number of days on the market also dropped by 3.8 percent to 77.

“Home sales up again in March shows that buyers were very active over the first quarter of the year,” 2019 MAR President Anne Meczywor, broker/associate at Lennox-based Roberts & Associates Realty Inc., said in a statement. “Many first-time homebuyers who have been looking for a while are now getting a better opportunity to become homeowners because of moderating condominium prices.”

Last month, there were 1,716 condominium sales recorded in Massachusetts, according to The Warren Group a 5.8 percent decrease from March 2018 when there were 1,856 such transactions. Meanwhile, the median condominium sale price dropped 7.3 percent on a year-over-year basis to $360,000. Year-to-date, there have been 4,202 single family home sales with a median sale price of $352,250.

“Though the median sale price for condos declined on a year-over-year basis, it was compared to an uncharacteristically high spike in March 2018,” Norton said. “The local condo market has been bolstered by high-end units in the Greater Boston area in recent years. As the market works through its high-end supply, we could see a return to normalcy in the coming months.”

Condominium inventory grew by 14 percent year-over-year, according to MAR, topping out at 3,867 in March and the number of new listings also jumping 14.3 percent to 2,720. The market now has 2.1 months of supply, a 16.7 percent increase over March 2018, with the average number of days on market also increasing by 10.3 percent to 64. This marks the third straight month the number of condominiums for sale has increased, and only the third such stretch in the last 36 months.

Concurrently, there were 3,306 purchase mortgages for single-family homes in March, The Warren Group reported marking a 1.6 percent increase on a year-over-year basis. March purchase mortgages totaled $1.28 billion – a 5.5 percent increase from a year earlier. Year-to-date, single-family homes have accounted for 8,749 purchase mortgages across Massachusetts totaling $3.35 billion. Condos accounted for 1,266 purchase mortgages last month, totaling $475 million. Year-to-date, condos have accounted for 3,150 purchase mortgages totaling $1.12 billion.