Despite a slackening of the market in the last few months of 2013, home and condo sales were red hot in January, with prices spiking to pre-recession levels in some cases.
According to the Warren Group, single-family home sales in Massachusetts increased by 5 percent in January, the best January sales numbers since 2007. Prices spiked by 12.5 percent compared to a year ago.
Condo sales were even hotter, up 16.6 percent last month, the best January since 2008. Meanwhile, median condo prices skyrocketed by 24 percent, allegedly to 1987 levels. We say “allegedly” because we think – repeat: think – that the Warren Group meant to say that they were the “highest January median price increase” since 1987.
But who are we to question the Warren Group?
“After ending 2013 on a mini slump for housing sales, these are impressive numbers for the middle of winter,” said Timothy M. Warren Jr., CEO of The Warren Group. “Still, low inventory continues to plague the market. The market needs more sellers to list their homes for sale in order to keep the rally in real estate moving ahead.”
File under: Winter
Chart via The Warren Group.