MAR stats

More statistics. Yesterday, a day after national reports, the Massachusetts Association of Realtors released their March statistics. This state’s figures are staggering when compared to the nation. In March 2005 the median home sale price in Massachusetts was $350,000. This figure is up 12.7% from March of 2004 ($310,000). The national median home price for March was $195,000…44% lower than Massachusetts. The median price for Condominiums in Massachusetts is $265,000, an increase of 10.9% over last year’s $239,000. Even thought Condo prices have skyrocket in the past few years, the rate of increase actually slowed last year. Median Condominium prices in March 2005 fell $5,000 from February. Experts feel that Condos may be cooling due to an increase in inventory. In the first quarter of 2005, 8,654 single families homes were sold in Massachusetts. In 2004 this figure was 8,288. Of course low interest rates continue to be the biggest factor in this strong market. According to Steve Andrews, Vice President of capital markets for Sovereign Bank, “mortgage rates have remained low because the bond market has felt the Fed has been successful in containing inflation”.