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Like Temperatures in July, Massachusetts Home Prices were Extremely Volatile

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Asking price of condominiums and single-family units within Massachusetts went up in July, while sales of single-family units declined due to low portfolio. According to Warren Group, a real estate tracking entity, the median cost of single-family units rose to $425000, which corresponds to a 4.4 percent increase when compared to the same period last year.

Total sales went down year after year by close to 4.6 percent, reaching an all-time low of 6417. Sale of condominiums also declines by about 2.5 percent in July 2018 compared to the same period in 2018 to about 2463, while the median price went up by 1.3 percent reaching a sale value of $390000, according to Warren Group.

Warren Group thinks the low sales and high price trend is likely to continue into the summer. The association of realtors in Massachusetts also reported the same trend for single-family units. However, they reported a slight decline in the prices of condominiums.

According to this trade group, the median price of single-family units went up by 3.5 percent in consecutive years reaching a high of $439900. Nevertheless, the median price of condominiums fell by a small margin, about three-tenths, to settle at $399000.

The sale of single-family units decreased by 2.3 percent and settled at $6083, according to MAR. Condominium sales were somewhat sluggish, and reduced by 7.8 percent to settle at 2164. Based on findings of the MAR, inventory of available single-family units was at its lowest since 2004. On the other hand, condominium prices were at their highest for the seventh time. The market registered about 4488 units, which represents a 2.8 percent increase.

Source Link: https://www.bostonglobe.com/business/2019/08/28/like-july-itself-massachusetts-home-prices-were-hot/C7hmIdbLUZi28X0utlkgvO/story.html

About the author

Catherine Wambui

Catherine Wambui

Catherine Nyaga is a freelance writer covering Real Estate and Technology. Her other interests include Nature, pets and accounting. She recently graduate from Nairobi University with a degree in Accounting.

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