Massachusetts single-family home and condominium sales continued their torrid pace as median prices reached new all-time highs for the month of January, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 3,824 single-family home sales recorded in Massachusetts, an 8.7 percent increase from January 2020 when there were 3,518 transactions. This marked the most single-family home sales in the month of January in more than 20 years. Meanwhile, the median single-family sale price spiked 12.7 percent on a year-over-year basis to $445,000, up from $398,700 in January 2020 – a new all-time high for the month.
“The red-hot housing market showed no signs of cooling in January,” said Tim Warren, CEO of The Warren Group. “Momentum from the fourth quarter of 2020 clearly carried over into the new year. In fact, $445,000 marked the first time the median single-family sale price ever exceeded the $400,000 mark in January. As long as demand remains strong and supply remains limited, I fully expect additional records to be smashed in the coming months.”
In January, there were 1,686 condominiums sold, compared to 1,520 in January 2020 – a 10.9 percent increase and the most transactions recorded for the month of January since 2007. Meanwhile, the median sale price edged slightly higher, rising 0.3 percent on a year-over-year basis to $400,000 – a new all-time high for the month of January.
“Demand in the condo market remained strong in January, which was largely driven by activity in Middlesex County where sales increased by 28 percent,” Warren added. “The median sale price of a condominium in Massachusetts inched up and hit $400,000 in January. That is an all-time record for the month. It is possible that as COVID-19 vaccination efforts continue to roll out across Massachusetts, we will see additional interest in condos in more densely-populated areas, which will only add fuel to the fire.”