Industry News

Condo craze takes hold in Massachusetts

Affordability issues, demographics fuel record sales

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Despite a cooling of detached single-family homes in the second quarter, demand for condominiums set a new record in Massachusetts, the Massachusetts Association of Realtors reported. During the spring quarter, the MAR report found that detached single-family home sales slowed, falling 5.2 percent from 14,888 homes sold in the three months from April-June 2004 to 14,118 in the comparable period this year. Meanwhile, condominium sales rose sharply to a new all-time quarterly high, climbing 17.2 percent from 5,831 units sold in the second quarter last year to 6,832 from April-June 2005. The prior record for most condos sold in one quarter was set less than a year ago, when 6,217 condominiums were sold in the third quarter of 2004 in Massachusetts. "It remains an active market, but with a larger selection of homes now available the pace of sales is less accelerated than in recent years," said MAR President Maggie Tomkiewicz, of M. Macdonald Real Estate in Dartmouth. "There's still...