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The year-end median sale price for both single-family homes and condominiums reached all-time highs in 2018, as restricted inventories continued to push prices higher across the state, according to a new report from The Warren Group, publisher of Banker & Tradesman.
In December, there were 4,390 single-family home sales in Massachusetts, a 7.1 percent decrease from December 2017. The December median single-family home price was unchanged on a year-over-year basis at $360,000. Year-to-date, the median price rose 5.5 percent to $385,000 – an all-time high for any calendar year. During the course of 2018, single-family home sales declined 1.5 percent from 2017 with 59,801 transactions. This is the first time in three years that year-end sales failed to exceed 60,000 transactions.
“It’s no surprise that we saw year-end sales decline and prices increase, as that was a common trend during the course of 2018,” Tim Warren, CEO of The Warren Group, said in a statement. “Every month last year, we saw home prices either increase or remain unchanged on a year-over-year basis. Meanwhile, eight out of the 12 months we saw home sales decline on a year-over-year basis.”
Condominium sales in December totaled 1,750 transactions, marking a 7.7 percent increase from December 2017. Meanwhile, the median condo price increased 3.2 percent to $358,000. Year-to-date, the median condo price rose 7 percent to $365,000 – an all-time high for condominiums for any calendar year. During the course of 2018, condo sales fell 1.4 percent from 2017 with 24,518 transactions.
“Condos proved to be a hot commodity during the course of 2018,” Warren said. “There were a few months during the peak 2018 homebuying season when the median condo price approached the $400,000 mark, which would have been a first. Perhaps 2019 will be the year where we finally see this happen.”
