The median sale price of a condominium in Massachusetts surpassed that of a single-family home last month, surging 17.6 percent over February 2018 to $350,000. The median price of a single-family increased 6.4 percent to $340,000, up from $319,500 a year earlier.
“The most recent gain marks 23 consecutive months of year-over-year median single-family home price gains, and there’s no sign that they’re slowing down,” Timothy Warren Jr., CEO of The Warren Group, said in a statement.
While it is unusual for the monthly condo median price to be higher than that of a single-family home, February was not the first time that has happened in the Bay State; condos were also more expensive in May 2016 and April 2012. In both of those months the condo median sale price was $5,000 more than a single-family home.
The median condo price surge was accompanied by 1,163 condo sales, a 3.1 percent hike from February 2017. Year-to-date, there have been 2,606 condo sales across the state, just 11 more than were recorded at this time last year.
Last month, 2,578 single-family home sales were recorded in Massachusetts, a 2.5 percent dip from February 2017. Year-to-date, there have been 6,187 single-family home sales across Massachusetts, down 1.4 percent from the first two months of 2017.