Median sale prices set new records in February even as sales declined, according to a new Warren Group report.
The median sale price of both single-family homes and condos in Massachusetts trended higher last month, even as sales declined.
The statewide median single-family home price grew 6% to $498,369, up from $470,000 last year, marking a new all-time high for February. That’s a big jump from January when the median single-family home price only grew 0.8%.
The Warren Group’s February sales report found that Massachusetts single-family home sales fell 21.5% to 2,040 from 2,600 a year ago.
Cassidy Norton, The Warren Group associate publisher and media relations director, said despite the record-setting month for median single-family home prices, the 6% gain was much more moderate compared to what they’ve seen over the past couple of years.
“A lack of inventory, higher interest rates and economic uncertainties continue to be the biggest barriers to entry for prospective homebuyers,” Norton said. “Speaking of the economy, the most recent bank failures may shake consumer confidence in the coming months, which could yield even further declines in transactions not associated with a lack of inventory.”
Since January, 4,425 homes sold, down 27.8% from the first two months of 2022. During the same period, the year-to-date median single-family home price rose 2.9% to $499,000.
Meanwhile, the median condominium sale price increased 4.5% to $460,000. Yet, condo sales posted another decline last month, falling 25.5% from last year to 1,018.
“Condo trends were in lockstep with single-family homes in February,” Norton said. “Inventory is down, there aren’t enough new listings to keep up with demand, and the median condo price continues to climb – just at a more modest pace.”
So far this year, 2,196 condos sold across the state, down 26.8% from 2022, with a median sale price that’s up 6.8% to $469,950.