The median sales price for a single-family home in Massachusetts was $430,000 in June, a 6.8 percent increase from the same month in 2017 and the highest since the Massachusetts Association of Realtors began tracking the figure in 2004.T
The milestone shouldn’t surprise. The median sales price for single-family homes in the commonwealth was either up annually or flat for 31 of the 32 months leading to June.
As for condos, that median price was $390,000 in June, up 8.1 percent from the year before. Like with single-families, the median was up or flat for 31 of the 32 months preceding June.
The realtors’ figures also showed double-digit-percentage declines in the inventories of condos and single-families for sale. This and the higher prices helped spur a decline in sales for both property types. Single-family sales were down 5.4 percent annually in June, and so were condo sales.
Realtors expect prices to increase heading into the end of the summer and the fall if inventory does not pick up.
Meanwhile, those homes that are available for sale are going fast. It took an average of 48 days to sell a single-family in June; and an average of 41 to sell a condo.