Massachusetts condo prices increase 12% to $399k in January 2020.
The median sales price for condos in Massachusetts was higher than the cost of a single-family home, according to a report released Wednesday.
The median price of a single-family home increased 6.8 percent year over year, from $355,000 in January 2019 to $393,000 last month, according to The Warren Group, publisher of Banker & Tradesman. It was a record for the month, but no match for condo sales, which saw a 12.4 percent increase to $399,000.
“The median condo price surpassing the median single-family home price is truly a rarity,” said Tim Warren, CEO of The Warren Group. “The last time this occurred was in March 2018, and has now occurred just five times in history. Newly built and renovated condos are driving the market — especially in the Greater Boston area — and commanding higher prices.”
Sales in both markets were up year over year, 8.1 percent for single-family homes and 21.6 percent for condos.
Greater Boston saw similar sales increases, according to a report the Greater Boston Association of Realtors released Wednesday.
“The last few months have been pretty active as we had an influx of new inventory last fall, and with the lack of snow and mortgage rates still remarkably low, we’re now poised for a strong spring market,’ said Jason Gell, association president and an agent with Keller Williams Realty Chestnut Hill in Newton. “Buyers have been out [in] force for the last several weeks, and although there has been some softening in demand at the upper-end of the market, overall confidence in the market is high.”
Despite the fall boost in inventory, there’s a shortage of listings. In January, the number of active single-family listings for sale fell 32.1 percent year over year, and the condo market saw a 19.1 percent drop.
“These numbers reflect just a two-month supply of available inventory for sale in Greater Boston, as compared to a healthy balanced market which contains 6-7 months of supply of listings for sale,” according to the report.