2016 is drawing to a close, and stats show that condo prices are rising at more than twice the pace of single-family homes.
According to real estate market tracker and data firm The Warren Group, Massachusetts condo prices rose 4.7 percent between the beginning of January and the end of October. The median price for single-family homes in the state rose 1.7 percent during the same period. Statewide, the median condo price is now $330,000, just $10,000 below the median of $340,000 for a single-family home.
A major factor in pushing up both condo and home prices is the particularly anemic listing inventory. Supply of unsold condos in the state is at 2.4 months, according to the Massachusetts Association of Realtors, far below the five to seven months needed for a balanced market. For single-family homes, supply is at a slightly higher but still very low 3.3 months.
This year has seen month after month of inventory shortages, but October saw a new low unseen since winter of 2005.
The real estate industry needs more homes for sale, and if you’re thinking about selling, now is a good time to put your home on the market!