Single family home sales set another record in May 2022: Massachusetts HomeBuyers HomeOwnership

 Massachusetts single family home sales set another record in May, according to a new Warren Group report. Limited inventory and fierce competition continued to add upward pressure to prices, the report found, as the demand continued to outpace supply. The Warren Group’s Massachusetts Sales Report for May found single family home sales fell seven point three percent to four thousand seven hundred and eighty eight from five thousand one hundred and sixty five a year ago.

 ​​The median sale price marked an all time high for single family home sales, up twelve point four percent to five hundred and ninety thousand dollars, from five hundred and twenty five thousand dollars in February 2021. Tim Warren, CEO of The Warren Group, said median single family home prices consistently reaching all time highs is truly indicative of current market conditions. “The balance between supply and demand has been way out of sync for some time, and this is the manifestation of that imbalance,” he said.

 “To cope, many buyers are setting their sights on markets farther and farther from major hubs  and even outside of Massachusetts.” So far this year, eighteen thousand three hundred and seventy one single family homes sold in Massachusetts, a ten point one percent decrease from a year ago. At the same time, the year to date median single family home price rose ten point four percent to five hundred and thirty thousand dollars. Condominiums followed similar trends in April. May condominium sales fell eleven point six percent to two thousand four hundred and fourteen from two thousand seven hundred and thirty a year prior. The median sale price of a condo in the Bay State increased seven point one percent to five hundred and twenty five thousand dollars, the second month in a row that median condo prices have hovered about five hundred thousand dollars, according to the report.

 For the first five months of 2022, nine thousand five hundred and sixteen condos sold in Massachusetts, down eleven percent from a year ago. The median condominium sale price rose seven point two percent from the same time period to four hundred eighty two thousand and five hundred dollars. “The median condo price has now been above five hundred thousand dollars for two straight months, and the median price of five hundred and twenty five thousand dollars marked a new all-time high for the month of May,” Warren said. “It’s apparent that demand for condos is strong, which may make it difficult for prospective homebuyers who are looking at condos as an alternative to single family homes.”

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