Mass. Real Estate Market Keeps Rolling

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By Rick Saia

Home sales in Massachusetts continued their upward climb in January with median prices rising for the fourth straight month, helped in part by low inventory that's inspiring more homeowners to sell, according to two reports released today.

The Massachusetts Association of Realtors (MAR) said the number of home sales increased for the 19th straight month, with high activity among buyers. "But now we look to the home sellers to … put their homes on the market," said Kimberly Allard-Moccia, the association's president.

Meanwhile, The Warren Group of Boston said its sales data represent "a hopeful sign for a strong spring market," its CEO, Timothy M. Warren Jr., said. "And given low mortgage rates and steady prices, there are positive signs that 2013 will be a second year of recovery."

The Warren Group said the median sale price of a single-family home rose 6.8 percent in January to $277,750, the highest median price for January in three years. In Worcester County, the median price rose 1.7 percent to $193,250. But in Middlesex County, the median fell back close to 1 percent, to $374,500.

Condominium sales also rose in January, by 11 percent, according to The Warren Group. However, the median sale price slipped almost 2 percent to $240,000, the lowest January figure since 2009, when the median was $209,900. But in Worcester County, the median condominium sale price rose 15 percent in January, to $172,500. In Middlesex County, the median fell nearly 5 percent, to $257,000.

Warren, like Allard-Moccia, also said low inventory is helping to push up prices, which should inspire more sellers to put their homes on the market.

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