Massachusetts home sales hit their winter slump in January, dropping off sharply after a strong December, according to two Boston-based real estate tracking groups.
The Warren Group said Tuesday that statewide home sales fell to 2,685 last month, 2 percent lower than in January 2014 and down significantly from 4,209 just one month before. Prices for single-family homes rose slightly, from a median of $315,000 in January 2014 to $320,000 last month, while condo prices held steady at $300,000.
“The slight decline in single-family home sales is not an indication of how the market will proceed in 2015,” said Timothy Warren Jr., the chief executive of The Warren Group, which publishes the magazine Banker & Tradesman. “I contend that there is pent-up demand for homes, but low inventory continues to plague the market. Barring March snowstorms, I think buyers will be out in force during the months of March through June.”
Separately, the Massachusetts Association of Realtors, which tracks home sales involving real estate agents, also reported sales had dropped in January. Corinne Fitzgerald, a real estate broker in Greenfield and the group’s president, said the drop in sales could be attributed to the winter storm that struck in the last week of the month and an inventory of homes and condos for sale that has shrunk for three straight years.
“With inventory down, prices up, and closings pushed off because of the several snow storms and a blizzard the last week of the month, we feel good about the number of home sales that did close in January,” Fitzgerald said in a statement.
Around 14,800 single-family homes and 3,900 condos were listed for sale in Massachusetts in January, according the the real estate agents’ group. In the first month of 2014, those figures were 18,200 and 5,100.