MAR Year End

Yesterday, the Massachusetts Association of Realtors released homes sales figures for 2004. As expected both condominium and single-family sales in the state soared. Statewide Median house prices rose to $340,000 up to 11.5% from last year. Condominium increases were even higher, leaping by 15.1% to reach a record $259,000. The year 2004 posted the fastest price increases seem in Massachusetts in several years. Obviously, Condo and Single-family prices fluctuated from region to region. In the Condominium marketplace Boston increased by 10% ($330,000 median), Western Mass an 18% increase ($125,000 median) and Cape Cod saw the highest Condo increase in the state with a 22% jump (250,000 median) over last year’s values. As for single-family houses, median prices gained the most on the South Shore, climbing 13.2% to a record $342,000 median and the Greater Boston area prices increased by 10%.