Massachusetts home sales reach highest level since 2006

by Liz Hughes

Massachusetts home sales reached their highest level since 2006 in January, while median sales prices started showing signs of softening, according to the  Massachusetts Association of Realtors’ January Housing Statistics report.

As 2022 begins, MAR found homebuying trends are in line with those of the past two years. And the decrease in price reflects the seasonality of the real estate market. 

MAR president Dawn Ruffini said looking forward, spring price growth will likely slow, and inventory will increase as more available homes come on the market. 

“The initial spike in demand was attributed to the pandemic’s influence on the working population, with work-from-home rates increasing from 6% to 25%,” Ruffini said in a press release. “However, high buyer demand and low interest rates are still driving demand, as many employers indicate no return to in-office work with the same consistency pre-pandemic. While the trends of 2021 are expected to linger, homebuyers should not be discouraged as we enter the spring peak season for real estate.”

Last month, the median price for a single-family home was up 12.8% year over year to $524,450, but lower than December’s $525,000. Single-family home listings, meanwhile, were down 14.8% compared to the previous year. 

Condominium prices rose in January to $450,000, up 7.1% from 2021, but lower than December’s $460,000. Condominium listings, like those of single-family homes, also declined last month, down 23.1% compared to last year. 

The report also found single-family closed sales fell by 13.3% compared to last year, while closed condo sales dropped 3.5%. The report noted both of these decreases were on-trend with November and usual for this time of year.

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