Prices in Massachusetts have recently broken records this summer according to reports from The Warren Group.
In June of this year, the median sale price of a single-family home in Massachusetts had increased to a record breaking $372,000. At an increase of 1.9% from last year in June, this was the highest monthly median in history for Massachusetts. Over 10 years ago in August of 2005 was the next highest at $370,000. Single family homes were not alone at these levels as condos in the Commonwealth also achieved their highest prices with a median of $345,000 which was a ramp up by 4.5% from last year.
“Sales in Massachusetts are starting to hit their peak,” said Timothy M. Warren Jr., CEO of The Warren Group, in a prepared statement. “There have been double-digit percent gains every month for 13 straight months. The summer months are always the strongest for closings with July usually the biggest month. Even with prices at record highs, homebuyers will still be out closing deals at a high rate.”
Sales volume was also up for the state. Single families sales increased by 14.9% over last year at 7,387 solds. Meanwhile, condominiums followed shortly behind with a 14.3% increase up to 2,828 units sold over last year.
Greater Boston prices were slightly ahead of the national median for May. The national median was a flat 5% increase while Greater Boston saw a 5.6% increase in prices. A few regions in the country saw quite a large boost in sale prices. Portland Oregon, Seattle and Denver saw gains of 12.5%, 10.7% and 9.5% respectively.
Svenja Gudell, chief economist for Zillow (Nasdaq: Z) said the report “paints a picture of a fairly calm and consistent market that looks much the same today as it has for the past few months.”
It still remains to be a seller’s market with “fierce competition and very fast-moving markets,” says Gudell.
“Demand is sky high and the number of homes sold is rising, even as inventory of homes for sale keeps falling,” Gudell continued. “Buyers looking to purchase a more expensive home are better-positioned than those seeking an entry-level home.”