Industry News

Condo sales surpass single-family homes in Massachusetts

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Condominium sales in Massachusetts surged in 2005 while the number of single-family home sales tumbled, according to a report appearing in the Feb. 6 issue of Banker & Tradesman, a financial and real estate newspaper published by The Warren Group. Condo sales climbed 12.14 percent last year, while single-family home sales in the Bay State fell 7.6 percent, according to the report. Median home prices climbed 5.5 percent -- a stark contrast to the steady double-digit price appreciation for homes recorded in recent years. A total of 63,350 single-family homes and 34,672 condos were sold in Massachusetts in 2005, according to The Warren Group, which provides real estate and financial data throughout New England. "These figures clearly show that despite price increases, single-family home sales are on the decline in Massachusetts, while condos are becoming more and more attractive to first-time buyers and baby boomers looking to downsize," said Timothy M. Warren Jr., CEO of The Warren ...