Massachusetts home prices set new record
If you’re in the market for a home in Massachusetts this summer, be prepared to pay more than ever.
The median price for a single-family home reached an all-time high of $430,000 in June, as the spring real estate season transitioned into summer, according to a report Wednesday from the Massachusetts Association of Realtors.
A second real estate tracking service, the Warren Group, on Wednesday recorded a similar peak in its record-keeping, saying the median price of home sales that it tracks was $420,000 in June. Both reports are in line with trends from last summer, when single-family home prices surpassed the $400,000 mark for the first time.
The president of the realtors group, Rita Coffey, said the record high was no surprise, given that the persistent lack of homes for sale has been increasing competition — and prices — at a faster pace this year.
“[That] was a signal that we could reach record prices at the height of the homebuying season,” said Coffey, general manager of Century 21 Tullish & Clancy in Weymouth. “If we don’t get more inventory, we’ll continue to see prices go up and more people priced out of the market.”
Indeed, there were 16 percent fewer homes on the market in June than a year earlier, according to MAR. There were also fewer properties sold in June, according to both the realtors group and Warren, continuing a trend in which home sales were flat or down in 11 of the last 12 months.
Condominium median prices may not have hit a record in June, but they are knocking on that $400,000 threshold. Both Warren and MAR reported the median condo price last month was at or close to $390,000.
Much of that increase in price can be attributed to the slew of new condo developments coming online throughout the Greater Boston region, said Warren Group chief executive Tim Warren.
“With 18 major developments slated for completion this year . . . I don’t expect price gains to slow anytime soon,” Warren said. “I wouldn’t be surprised if the median condo price joins single-family homes above the $400,000 mark in the coming months.”
Still, the number of available condos was the lowest its been during month of June, according to MAR.