So many people are fighting over the few homes for sale in Massachusetts that intense competition in April pushed median sales prices for single-family homes and condos to new records, real estate watchers at The Warren Group said Tuesday.
“The median price of a single-family home of $560,000 marked a new all-time high for Massachusetts,” said Tim Warren, CEO of The Warren Group. “Under normal conditions, this would be cause for celebration, but only if you currently own a home and are looking to sell your home and don’t need to buy a new home. With such limited inventory, not just in Massachusetts, but across the country : finding the next place to live will be a challenge.”
There were 3,862 single-family home sales in Massachusetts last month, a 14.8% drop from April 2021. Median sales price increased 9.8% from the $510,000 mark set in April 2021 to its new all-time high, Warren Group said .
April sales were about the same as April 2020 sales, at the start of the pandemic, but the median price since then has jumped 30%, from $430,000 to $560,000, The Warren Group said.
The 13,580 sales of single-family homes in Massachusetts so far this year represent a decrease of 11.1% compared to the first four months of 2021 and the median sales price to date of $510,000 is 9.7% higher than the same period of 2021 and beyond. 26.9% compared to the same period of 2020.
Potential buyers looking for a condo didn’t fare much better last month. Sales of 2,149 condos in April 2022 marked a 15.2% decrease from April 2021. Meanwhile, the median sales price “shot up like a rocket in April,” Warren said, shooting up 11.6% year-over-year. per year to $530,000.
“As the spring and summer housing markets continue to heat up, it will be interesting to see where prices go from here,” he said.
Among Massachusetts’ 14 counties, Nantucket leads the way with an April median sales price of $1.627 million and was the only county to see a median price drop since last April (about 20% below the year-long mark). past $2,025 million). Only 40 homes have been sold on Nantucket so far this year (with a median price of $2.223 million) compared to 70 sold at this point last year.
Martha’s Vineyard is close behind, as Dukes County last month reported a median sales price of $1.325 million, up nearly 33% from last April’s $1 million. Like Nantucket, year-to-date sales in the Vineyard are down noticeably: 61 Dukes County homes have sold this year ($1.1 million median price) compared to 109 at this time last year.
Plymouth County more closely reflects the statewide landscape. April sales there fell more sharply from April 2021 than average (21% less than the state average of 15% less), but the median price in Plymouth County ($530,000) was closer to the state number for $560,000 and Plymouth’s 12.5% growth was similar to the state figure of 9.8%.
Only two counties, Hampshire and Franklin, saw sales increase from April 2021 to April 2022 and only Hampshire County is ahead of its 2021 pace by four months from 2022 (although Franklin County is a handful of sales of its brand in 2021).