‘Truly unprecedented’: The median sale price for Mass. condos sets a new record in May
New reports break down the real estate market in Massachusetts and in 64 Greater Boston communities.
On Sunday, Business Insider pegged Massachusetts with the fourth most expensive home prices, behind just Hawaii, the District of Columbia, and California, in that order).
The price climb here shows no sign of stopping anytime soon.
The median sale price of condos in the state hit a record $400,500 in May, according to a report The Warren Group released last week, and the median sale price for a single-family home rose 4.1 percent year over year to $410,000 — a record for that month.
“In over 32 years of tracking condo sales, we have never seen the median sale price exceed $400,000,” Timothy Warren Jr., the firm’s chief executive officer, said in a news release. “I didn’t expect to see such a significant spike in the condo market, as the median sale price declined on a year-over-year basis for the previous three consecutive months. The recent development is truly unprecedented.”
The median sale price for a single-family home rose 4.1 percent year over year to $410,000 — a record for May.
“Inventory levels and new listings are down so far this year, and pending sales are on the rise. As such, I fully expect the median single-family home price to reach new highs in the coming months,” Warren said.
In Greater Boston, both the single-family home and condo markets hit record highs in May, according to the Greater Boston Association of Realtors. Single-family homes sold for a median sale price of $632,000, only a 0.4 percent increase, but the cost of condos jumped 7.5 percent, from $550,870 in May 2018 to $592,250 in May 2019.
“We’re not yet sure if home prices have peaked, but given this activity amid our current inventory and these price points, we know that the desirability to live and own a home in Greater Boston remains strong and buyers are willing to pay these high prices to live here,” said James Major, association president and an agent with Century 21 North East in Woburn. Greater Boston saw a roughly 38 percent increase in single-family home sales and a nearly 34 percent rise in condo sales from April to May. The supply of homes for sale in increased in both markets month over month, with 3.5 percent more active single-family listings and 17.6 percent more condos listings.
How did your community fare? The Greater Boston Association of Realtors offers a breakdown for 64 communities:
Central Middlesex County
Acton, Bedford, Boxborough, Concord, Hudson, Lexington, Lincoln, Maynard, Stow, Sudbury, Wayland, and Weston
These communities saw a 1.8 percent increase in the median single-family selling price, from $825,000 in May 2018 to $839,500 in May 2019. Condo prices jumped 17.5 percent, from $357,888 in May 2018 to $420,575. Single-family homes spent an average of 40 days on the market. For condos, it was 29.
Eastern Middlesex County
Burlington, Malden, Medford, Melrose, North Reading, Reading, Stoneham, Wakefield, Wilmington, Winchester, and Woburn
These communities saw a 1.2 percent increase in the median single-family selling price, from $575,000 in May 2018 to $582,000 in May 2019. Condo prices rose 8.9 percent, from $420,000 in May 2018 to $457,500. Single-family homes spent an average of 28 days on the market. For condos, it was 35.
Metro Boston
Arlington, Belmont, Boston, Brookline, Cambridge, Chelsea, Dedham, Everett, Milton, Newton, Revere, Somerville, Waltham, Watertown, and Winthrop
The selling price for single-family homes rose 5.3 percent, from $711,250 in May 2018 to $749,000 in May 2019. Condo prices rose 3.8 percent, from $651,000 in May 2018 to $676,000. Condos spent an average of 36 days on the market. For single-family homes, that number was 29.
Metrowest
Ashland, Dover, Framingham, Holliston, Hopkinton, Medfield, Medway, Millis, Natick, Needham, Sherborn, and Wellesley
The median selling price for a single-family home climbed 8.6 percent, from $630,500 in May 2018 to $685,000 in May 2019. Condo prices jumped 16.9 percent, from $385,000 in May 2018 to $450,000. Single-family homes spent an average of 42 days on the market. For condos, that number was 51.
Southern Norfolk County
Avon, Bellingham, Canton, Foxborough, Franklin, Mansfield, Norfolk, Norwood, Randolph, Sharon, Stoughton, Walpole, Westwood, and Wrentham
The median selling price for a single-family home here was $471,000 in May 2019, a 3.9 percent decrease from the May 2018 price of $490,000. Condo prices rose a whopping 23.6 percent, from $275,000 in May 2018 to $340,000. Condos spent an average of 44 days on the market. For single-family homes, that number was 39.
City of Boston
The median selling price for a single-family home here was $660,000 in May 2019, $100 less than it was in May 2018. Condo prices rose 2.9 percent, from $649,000 in May 2018 to $667,500. Single-family homes spent an average of 30 days on the market. For condos, it was 40.
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