As the new year opened, fewer homes were for sale in Massachusetts than at any time in the last 23 years, helping send the median single-family and condominium sale prices to record highs for yet another month.

There were 2,387 single-family homes and 1,498 condos on the market last month, according to the Massachusetts Association of Realtors, 50.1 percent and 56.1 percent drops year-over-year, respectively and the lowest levels on record since at least 1999.

Those inventory levels were despite sizable month-over-month upticks in new listings in January: a 24.88 percent jump to 2,725 new single-family listings and a 54.01 percent jump to 1,534 condo listings.

Time on market increased month-over-month from an average of 25 final days on market to 29 for single-family homes and from 33 days to 38 for condominiums. Those figures are still below January 2021’s figures of 33 days and 42 days, respectively.

All told, the inventory shortage helped spike the median single-family sale price 10.7 percent on a year-over-year basis to $495,000 according to a new report from The Warren Group, publisher of Banker & Tradesman. That’s up from $447,000 in January 2021. This marked a new all-time high for the month of January but was also the first time the statewide median sale price has dipped below $500,000 since March 2021.

Meanwhile, the median condominium sale price increased 9.5 percent on a year-over-year basis to $438,000 – a new all-time high for the month of January.

Those large price jumps and inventory drops didn’t constrict sales, however. The Warren Group 3,509 single-family and 1,442 condominium sales were recorded in Massachusetts, an 8.9 percent decrease in single-family sales from January 2021 and a 14.9 percent slide in condominium sales – the fewest transactions recorded for the month of January since 2019.

“While it’s true the number of single-family home sales dropped in January on a year-over-year basis, it’s important to look at the whole picture,” said Tim Warren, CEO of The Warren Group. “In January 2021, there were 3,853 single-family transactions, which was the most transactions we’ve seen since January 1999. This makes the 8.9 percent decrease between January 2021 and January 2022 rather modest. In fact, the number of sales has fallen anywhere from 6 to 21 percent in each of the past 6 months. Demand for homes remains strong, but the inventory of homes for sale at year-end was 50 percent of what it was a year ago. Consequently, prices continue to rise by double digits.”

Greater Boston Association of Realtors’ 2022 President Melvin Viera Jr. said a few more buyers were “pumping the brakes” last month.

“A steady rise in interest rates this year could also stifle market activity and limit how much home one can buy. As a result, we expect a less frenzied sales pace, and any appreciation we see in prices this year should be more modest, especially if inventory levels improve as they typically do during the spring,” he said in a statement.