Sales of single-family homes set a new record in May
Sales of single-family homes in Massachusetts set a new record in May, according to a new report from the Warren Group.
Limited stocks and fierce competition have continued to put upward pressure on prices, according to the report, as demand continues to outstrip supply.
The Warren Group’s Massachusetts Sales Report for May sales of single-family homes fell 7.3% to 4,788 from 5,165 a year ago.
the median sale price marked an all-time high for single-family home sales, up 12.4% to $590,000 from $525,000 in February 2021.
Tim Warren, CEO of The Warren Group, said median single-family home prices consistently hitting all-time highs are really indicative of current market conditions.
“The balance between supply and demand has been out of sync for some time, and this is the manifestation of that imbalance,” he said. “To cope, many buyers are looking to markets further and further away from major hubs – and even outside of Massachusetts.”
So far this year, 18,371 single-family homes have sold in Massachusetts, down 10.1% from a year ago. At the same time, the median price of single-family homes since the start of the year rose 10.4% to reach $530,000.
Condominiums followed similar trends last month. Condominium sales in May fell 11.6% to 2,414 from 2,730 a year earlier.
The median condo sale price in the Bay State rose 7.1% to $525,000, the second month in a row that median condo prices hovered around $500,000, the report said. .
For the first five months of 2022, 9,516 condos sold in Massachusetts, down 11% from a year ago. The median sale price of condominiums increased by 7.2% compared to the same period to reach $482,500.
“The median condo price has now been above $500,000 for two consecutive months, and the median price of $525,000 marked a new all-time high for the month of May,” Warren said. “It’s obvious that the demand for condos is strong, which can make it difficult for potential buyers to consider condos as an alternative to single-family homes.”