PEABODY – The Massachusetts residential market continues to roar, although last month it could be seen to have happened from another side of the mouth.
According to The Warren Group, monthly single-family home sales, which rose an average of 21.5% year over year in the past six months, were 3,849 last month in Massachusetts, up 2.5% from 3,755 sold in March 2020. Last month it was still the most single-family homes sold in March since 2017.
“Only time will tell if this is the first indicator that the inequality between supply and demand is finally catching up with us,” Warren Group CEO Timothy Warren Jr. said in a statement. There aren’t enough single-family homes in Massachusetts to buy. “
As single-family home sales slowed, condominium sales rose, according to The Warren Group, a leading provider of real estate and transactional data.
2,260 condos were sold in March, up 33% from the same month last year when 1,699 condos were sold.
That year was the largest March condominium sale since 2007.
“March condominium sales saw growth that dwarfed single-family home sales, and rising median condominium sales showed there was no shortage of demand,” Warren said.
The median condominium sales rose 2.7% year over year to $ 440,500 – a new all-time high for March and the ninth straight month in which the median sales price exceeded $ 400,000.
“The condominium market was particularly hard hit during last year’s lockdown, but as the vaccines continue to roll out, colleges are starting to take students back on campus, and all of the activities we do through urban centers like Boston, Cambridge and Worcester Know and Love, Beginning to Wake Up In their hibernation, the sky could be the limit for the Massachusetts condominium market, ”said Warren.
The median sales price for single family homes rose 14.4% year over year to $ 460,000, from $ 402,000 in March 2020 – a new all-time high for the month of March. The median price for single family homes has now been over $ 400,000 for 14 consecutive months.
Since the beginning of the year, Massachusetts has sold 10,736 single-family homes, up 7.9% from the first three months of 2020. The median year-to-date price for single-family homes rose 14.3% to $ 450,000 on the same basis.
Warren noted that vacation and second home markets such as Berkshire, Dukes and Nantucket continued to see “big gains” year over year. The exception was Barnstable County in the Cape, where single-family home sales fell 9.6%.
“It was arguably the hottest market in the past six months,” said Warren. “However, if we look at our numbers, it looks like condos filled the void for buyers looking to finally buy their Cape getaways as we saw Barnstable condominium sales jump 38.6% year over year recorded. “
Since the start of the year, 5,417 condominiums have been sold, up 17.2% over the first three months of 2020. The median sales price of $ 425,000 represents an increase of 3.2% on the same basis.