Single-family median home prices in Massachusetts fell 18.2 percent during the first quarter compared to the same period in 2008, marking the steepest percentage decline for any quarter since The Warren Group began tracking prices in 1987.
The median price for homes sold during the first three months of 2009 fell to $253,500 from $310,000 in the first quarter of 2008. The March median home price was $255,000, or 16.1 percent lower than the $304,000 median price recorded in March 2008. Monthly median home prices have been falling by double-digit percentages year-over-year since last September, The Warren Group reported April 29, 2009.
“The single-family median home price has fallen below $300,000 for seven consecutive months. Reduced prices could help stimulate home sales going forward,” said Timothy Warren Jr., CEO of The Warren Group, a publisher of real estate data.
Sales of single-family homes during the first quarter dropped nearly 11 percent to 6,160 from 6,912 a year earlier. That’s the slowest sales pace for a first quarter since 1991. A total of 2,453 homes were sold in March, down 7.4 percent from 2,648 during the same month in 2008.
Median condominium prices in Massachusetts in the first quarter also posted the sharpest decline for any quarter since The Warren Group started recording price changes 22 years ago. The median condo price fell 16.9 percent in the first quarter to $220,100 from $264,900 during the same months in 2008. The March median condo price was down 15.2 percent to $229,000 from $270,000 in March 2008.
A total of 2,802 condos were sold from January through March, nearly 27 percent lower than the 3,832 condo sales transactions recorded during the same months in 2008. Condo sales in March totaled 1,135, a 22.3 percent decrease from 1,460 a year earlier. Condo sales have fallen by 20 percent or more for 12 out of the last 15 months.
In a separate report released April 29, 2009, the Massachusetts Association of REALTORS® reported that the median selling price for single-family homes in March was $255,000, a decrease of 19 percent compared to $315,000 in March 2008. Median prices for single-family homes continue to be back at 2002 levels.
Condominium median prices in March were down 14.9 percent from $263,750 in 2008 to $224,500 in 2009.