More On The Massachusetts Housing Market

The Massachusetts median price of single-family homes in February experienced its biggest monthly decline since December 1990, while the median price of condominiums followed suit with the largest fall since May 1993, according to a report released March 25, 2008 by The Warren Group, publisher of Banker & Tradesman.

“February’s drop in median home prices was dramatic, but not unexpected,” said Timothy Warren Jr., CEO of The Warren Group. “Sales have been in such a slump for the past six months, it was only a matter of time before prices started declining by larger percentages.”

The median price of single-family homes fell 8.8 percent in February from $330,000 in February 2007 to $301,000. That was the largest decrease in a month since December 1990, when the median price dropped 11 percent. The year-to-date price was down 6 percent at the end of February from $335,000 in 2007 to $315,000.

Single-family home sales fell 19.2 percent in February 2008, when 2,123 were sold, compared to the 2,628 sold in February 2007. Year-to-date sales were down 24 percent from 5,581 to 4,241.

Condominium prices in the Commonwealth also fell in February, dropping 6.6 percent from $274,500 to $256,000. That was the biggest price drop for condos since May 1993, when the median price fell 10 percent. The year-to-date median price fell 5.1 percent from $274,000 to $260,000.

Condo sales fell 25 percent in February from 1,641 last year to 1,231. Year-to-date sales declined 30.8 percent from 3,423 to 2,368.

The Massachusetts Association of REALTORS® released data that showed single-family sales declined 22.9 percent and condos sales plummeted 34.9 percent in February 2008 compared to February 2007.