Earlier today, The Warren Group released annual data on single-family and condominiums sales in the Commonwealth.

Home Sales Plunge to Early-1990s Level in 2007;
Median Price is $15,000 Less Than in 2006,
According to The Warren Group
December Sales Down 23%

BOSTON, Jan. 28, 2008 – There were 50,435 single-family home sales in the Bay State last year; about 5,000 fewer than in 2006, and the first time since 1992 that sales were that low. The median home price in Massachusetts also dropped in 2007, according to a report released today by The Warren Group, publisher of Banker & Tradesman …

The median price for single-family homes in 2007 also declined, falling 4.6 percent from $325,000 in 2006 to $310,000 …

… Condominium sales in 2007 fell 9.7 percent from 30,234 in 2006 to 27,316. During December, sales were down 27 percent from 2,365 in December 2006 to 1,727.

The median price of condos in 2007, when calculated by TWG’s traditional method, fell 2.6 percent from $275,000 in 2006 to $268,000 …

How’d we do, in Boston?

According to The Warren Group, things remained a bit stronger, when it came to sales volume. Prices dropped over 4% for single-family homes and around 1.4% for condos.

1-Family Homes

2006 / 2007

1,329 sales — $360,000 median sales price / 1,221 sales — $345,000 median sales price

Condominiums

2006 / 2007
6,590 sales — $347,000 median sales price / 6,193 sales — $342,000 median sales price

Source: State’s Home Prices, Sales Down Sharply – The Warren Group

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