The cost of a buying a condo in Massachusetts has dropped again, according to a report released Wednesday.
In April, there was a 1.3 percent increase in condo sales in the state, according to The Warren Group, a real estate analytics firm, but the median sale price fell 0.5 percent to $370,000.
“The median condo sale price has now declined on a year-over-year basis for three consecutive months,” said Cassidy Norton, the firm’s associate publisher and media relations director. “Year-to-date, the median condo sale price is now down 3.6 percent. I don’t view this trend as a softening in the market, but rather a return to normalcy. Last year at this time, numerous luxury condos in the Greater Boston area were coming to market, which added a significant boost to prices statewide.”
The number of single-family home sales was up year over year in April as well (2.8 percent), but so was the median sale price — $382,500, a two percent increase and a record for that month, according to the report.
“The median sale price for single-family homes has been steadily on the rise for the last three years,” Norton said. “Even with inventory levels improving, I fully expect stiff competition between buyers to keep prices elevated during the upcoming spring and summer months.”
In Greater Boston, the news was good for condo buyers, according to the Greater Boston Association of Realtors. Activity in this market has eased — sales dropped four percent year over year, according to an analysis the association released Wednesday — but the number of units on the market jumped 15.3 percent, rising for an eighth consecutive month.
“While condo sales have eased, we believe this reflects the healthier supply of units on the market,” said Jim Major, association president and an agent with Century 21 North East in Woburn. “As a result, buyers now have a little more breathing room.”
Meanwhile, the number of active listings for single-family homes slipped 1.8 percent.
“We’re seeing median selling prices begin to plateau or even dip a bit,” Major said. “Buyers are finding more homes to choose from, which provides more room for negotiation on price and terms. That’s made for the best spring market for buyers in at least three years even if inventory levels still favor sellers.”
The area saw a 10.1 percent year-over-year increase in single-family home sales and the highest median sale price for the market for the month — $618,000, which is 1.2 percent higher than it was in April 2018. “The median selling price for condominiums declined nearly six percent over the past 12 months, however, falling from $594,190 in April 2018, which is the record high for the month, to $559,500 last month,” the association reported.
How did your community fare? The Greater Boston Association of Realtors breakdown for 64 communities:
These communities saw a 2.6 percent decrease in the median single-family selling price, from $787,000 in April 2018 to $807,462 in April 2019. Condo prices slipped 9.2 percent, from $479,300 in April 2018 to $435,000. Single-family homes spent an average of 46 days on the market. For condos, it was 56.
These communities saw a 6.1 percent increase in the median single-family selling price, from $575,000 in April 2018 to $610,000 in April 2019. Condo prices dropped 7.7 percent, from $469,900 in April 2018 to $429,000. Single-family homes spent an average of 29 days on the market. For condos, it was 26.
The selling price for single-family homes rose 1.4 percent, from $715,000 in April 2018 to $725,000 in April 2019. Condo prices decreased 7.4 percent, from $685,000 in April 2018 to $634,500. Condos spent an average of 37 days on the market. For single-family homes, that number was 34.
The median selling price for a single-family home slipped 2.6 percent, from $657,000 in April 2018 to $640,000 in April 2019. Condo prices edged up two percent, from $353,000 in April 2018 to $360,000. Single-family homes spent an average of 37 days on the market. For condos, that number was 52.
The median selling price for a single-family home here was $440,000 in April 2019, a 7.1 percent decrease from the April 2018 price of $473,659. Condo prices rose a whopping 27.6 percent, from $275,000 in April 2018 to $351,000. Condos spent an average of 34 days on the market. For single-family homes, that number was 37.
City of Boston
The median selling price for a single-family home here was $679,000 in April 2019, a 17.6 percent increase from $577,500 in April 2018. Condo prices fell 8.2 percent, from $697,000 in April 2018 to $640,000. Single-family homes spent an average of 35 days on the market. For condos, it was 41.