Single-family home and condo sales fell last month as housing prices continued to set new records in the Boston area, according to a new report from The Warren Group.
Supply also continued to keep up with the strong housing demand as inventory levels across the Bay State remained low.
The Warren Group’s Massachusetts Sales Report for February found single-family home sales fell 14.7% to 2,593 from 3,040 a year ago.
The median sale price marked an all-time high for February, up 5.4% from 2021 to $470,000, from $446,000 in February 2021.
Tim Warren, CEO of The Warren Group, said the median sale price for single-family homes continued its upward climb last month as inventory struggled to keep up with demand.
“The Massachusetts Association of Realtors reported that inventory of single-family homes for sale was down 50% in January,” he said. “New listings and pending sales were down as well. February was the eighth month in a row where the number of homes sold declined while the median price continued to rise. It is a familiar trend, one that is likely to continue unless sellers flood the spring market with new homes.”
So far this year, 6,111 single-family homes sold in Massachusetts, an 11.3% increase from a year ago. At the same time, the year-to-date median single-family home price rose 8.5% to $485,000.
Condominiums followed similar trends last month. February condominium sales also fell, down 17.1% to 1,212 from 1,462 a year prior, marking the fewest condo sales for the month since 2018, Warren said.
The median sale price of a condo in the Bay State marked an all-time high for February, rising 5.3% to $440,000 up from $418,000 in February 2021.
For the first two months of 2022, 2,669 condos sold in Massachusetts, down 15.5% from a year ago. The median condominium sale price rose 7.3% from the same time period to $440,000.
“We see the same pattern with the condo market as we see with single-family home sales,” Warren said. “Inventory, new listings, and pending sales declined, yet the median sale price continued to rise.”