Condo Prices Are Rising Fast

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!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s