The Massachusetts residential real estate market can be complex, but this month and for the past few years, it all boils down to two things: supply and demand.

The median sale price of a single-family home in Massachusetts in April was $336,850, up 3.9 percent from April 2015. The number of single-family homes sold rose 35 percent from 3,176 in April 2015 to 4,278 in April 2016, according to data from The Warren Group, publisher of Banker & Tradesman.

The median sale price of a condominium in the Bay State in April was $321,000, up 8 percent from April 2015. The number of condo sales in April 2016 was up 18.6 percent over April 2015.

“All the presidents of the local boards of Realtors from all over the state commented on a shortage of inventory,” Annie Blatz, president of the Massachusetts Association of Realtors, wrote in an email. “In a few areas, they seem to be having the most increases in price. It’s the same thing we’ve been saying for years: It’s still a very desirable time for people to buy.”

She added that statewide inventory was down in April 2016 for the 51st consecutive month, and that Realtors are busy and feeling confident.

The biggest increase in single-family activity was in Barnstable County, where the number of homes sold rose 73 percent, from 233 sales in April 2015 to 403 sales in April 2016. Blatz, who works and lives in Barnstable County, attributed the surge to an artificially low number of sales in April 2105, due to poor weather.

Merit McIntyre, president of Coldwell Banker Residential Real Estate in New England, said his company’s data is consistent with The Warren Group’s, adding that it all reflects the strong economy in Eastern Massachusetts.

“On this side of Worcester, unemployment is under 4 percent and consumer confidence is in the 94-95 percent range,” McIntyre said. “The market should be as healthy as it is. Annual appreciation of 3-5 percent is nice. If we had 10 percent, that’s when you start to get into a speculative market, and that’s not good.”

He noted the lack of inventory statewide, but thinks inventory will catch up by the end of the year.

“Some markets have an abundance of inventory, like Weston,” McIntyre said. “But you go five miles to Cambridge and when a $2 million house comes on the market, it’s gone in 10 days.”

To see a county-by-county breakdown of single-family home and condo sales, click here.
To see town-by-town statistics for single-family home and condo sales, click here.