January home, condo sale prices reach all-time high MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

Massachusetts home prices set more records in January, even with double-digit drops in sales, according to a new Warren Group report. The Warren Group’s January sales report found single-family home sales fell thirty two point six percent to 2,379 from 3,528 a year ago, marking the fewest sales of single-family homes in January since 2011. Cassidy Norton, Warren Group associate publisher and media relations director, said the lack of inventory in the housing market continued to add upward pressure to the median single-family home price last month.

 “The 2,379 single-family home sales marked the fewest number of transactions for the month of January since 2011 and the lack of inventory is mostly to blame,” Norton said. “Add in the fact that interest rates are nearly double what they were a year ago and the rising cost of consumer goods, and we can expect sales numbers to continue their downward trend in the coming months.” The median single-family home price grew point eight percent to $499,000, marking a new all-time high for January. Meanwhile, condominium sales posted another decline last month, marking the fewest transactions recorded in January since 2015.

 January condominium sales fell twenty seven point nine percent to 1,178 from 1,633 a year prior, while the median sale price increased nine point two percent to $480,500, a new all-time high for the month, according to the report. “Condo sales activity followed similar trends to single-family homes in January, but the biggest difference was the nine point two percent increase in the median condo price,” Norton said. “The median condo price of $480,500 marked a new all-time high for the month of January. Historically, condos were a more affordable alternative to single-family homes, but that doesn’t appear to be the case any longer.”

The post January home, condo sale prices reach all-time high appeared first on Boston Agent Magazine.

FIRST TIME HOMEBUYERS