Single-family home sales in Massachusetts increased by 5 percent in January — the highest number recorded for the month in six years, according to a new report from The Warren Group.
The surge comes on the heels of two months of modest decreases in sales volume. January home sales in the Bay State increased to 2,728, up from 2,599 in 2013. The last time sales volume was bigger in January was in January 2007, when 2,953 houses were sold.
“As more fresh inventory came on late last fall, the homes were gobbled up and sales surged,” Gary Rogers, a regional vice president of the National Association of Realtors, told the Business Journal. “I’m also seeing more cash buyers than ever before. About a third of the sales are cash compared to about 10 percent in the past.”
As sales soared, so did prices. The median price for a single-family home in Massachusetts in January increased to $315,000, up 12.5 percent from $280,000 one year ago. This is the seventh time in the past year that the median price has grown by double digits, and is the highest median price for homes in January since 2008.
Condominium sales for the month also did well, rising to 1,144 in January from 981 in 2013, a 16.6-percent increase. This is the first January since 2008 where condo sales broke the 1,000 mark.
The median condo price in the Bay State increased by 24 percent to $300,000, the highest January median price for condos since The Warren Group began tracking median condo price data in 1987. In January 2013, the median price for a condo was $242,000.
News Source; www.bizjournals.com
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