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Massachusetts condo, single-family prices drop, report says

After a record-setting early summer, the season appears set to end on a milder note, according to the Massachusetts Association of Realtors

A street with cars and houses on either side. Shutterstock

The median prices for condos and single-families in Massachusetts were both down in July compared with June, off-setting records set during the earlier month, according to new figures from the Massachusetts Association of Realtors.

The median single-family price was $439,900 in July based on closed deals throughout the state. While that was a 3.5 percent increase from July 2018, it represented a slight drop from the record $440,000 reached in June.

The median condo price was $399,000 in July, a slight drop from the same month a year before and also way off the record $426,165 reached in June.

It’s still by no means a buyer’s market. The Massachusetts housing scene remains one of generally escalating prices and competitive home-hunting, according to the realtors association. Much of this is due to tight supply.

“This is the third straight month of prices being over $400,000 for single-family homes, and while they might moderate a little in the fall, we have to get used to this being our new ‘normal’ median price range until we can increase supply,” Anne Meczywor, a broker at Lenox’s Roberts & Associates Realty and the association’s president, said in a statement.

The high prices probably do help explain why the number of closed condo and single-family sales has been down for the majority of the past 12 months for both types of housing. As for the inventories of available condos and single-families, the former’s supply was up slightly in July while the latter’s was down more than 15 percent.

The 2.8 percent year-over-year increase in condo inventory should be seen as a particularly shiny silver lining for buyers, Meczywor said. “While the percent increases in the number of condominiums for sale aren’t big, they are still up over the same time last year. Seven straight months of year-over-year increases is positive and hopefully it will continue.”