What a strange spring market it has been. Condos smoked homes in April, posting far better sales and price numbers, two new reports on the Massachusetts real estate market show.
The median condo price in Massachusetts hit $310,000 in April, an increase of 10.7 percent over the same time last year, reports The Warren Group, publisher of Banker & Tradesman.
Overall, condo prices surged an impressive 15 percent over the first four months of the year,
while condo sales were up 7 percent.
The median price for a condo in Massachusetts is now just $5,000 less than the median home price, a remarkable shift given a decade ago there was a $72,000 gap between home and condo prices, notes Tim Warren, chief executive of The Warren Group.
By contrast, home prices rose just less than a percent, to $315,000, while sales actually fell 2.3 percent in April.
Boston and the North Shore and Merrimack Valley are the hottest condo markets right now in the state, with the western and southern suburbs and Worcester County lagging, Warren Group numbers show.
"Condos are proving to be a very popular segment of the market and the high demand is driving up the prices," Warren said in a press statement.
Condos are also selling significantly faster than homes right now as well.
The average sale time for a condo in April fell to 81 days, down from 91 the year before. By contrast, the average time it takes to sell a single-family home fell to 114 days in April, down from 124 the year before, The Massachusetts Association of Realtors reports.
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