Thursday, March 4, 2021

Massachusetts Real Estate Sales in January Boom, Breaking Records

The growing real estate market that bloomed late last spring has shown no sign of weakness, and continued thriving with strength throughout the cold winter. 

According to real estate metrics firm The Warren Group, there were 3,824 single-family home sales across Massachusetts in January. This reflected an 8.7 increase over a year ago, and the most January sales in over 20 years. The median price of a Massachusetts single-family, increased 12.7 percent over a year ago, from $398,700 to $445,000, a new all-time high for January.


Furthermore, this marked the sixth straight month where Massachusetts boasted double-digit increases in median prices. Despite high unemployment rates and the raging pandemic, the real estate market continues to thrive and grow with remarkable and powerful strength. 


Also, lower interest rates provide homebuyers with more buying power, further fueling the market. 


Meanwhile, the 1,686 condo sales statewide marked a 10.3 percent jump over January 2020. And while median condo prices inched up just 0.3 percent year over year, from $399,000 to $400,000, that still marked an all-time high for January.


In Suffolk County, which includes Boston, the median price of a condo dropped 5.9 percent, from $679,000 to $638,750. Also, the average price of a downtown Boston condo fell noticeably, 30.9 percent year over year, from $1,286,625 to $889,100. 


Condo sales soared 28 percent in Middlesex County in January, however the median condo price slipped 5.6 percent compared to a year prior. Furthermore, condo prices in Cambridge and Somerville plunged 9.3 percent and 16.9 percent, contrasted with January 2020.


The increased sales volume is coming during a time where inventory is tight; single-family inventory hit record lows in January.  

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