The median price of a single-family home in Massachusetts rose 2 percent in February to $285,500 as a shortage of homes on the market caused a drop in sales, the Warren Group reported Wednesday.
Meanwhile, the median price of a condo was up 12.4 percent in February to $281,000 on a year-to-year comparison basis, “making the cost of a condo just $4,500 less than that of a single-family home,” the Warren Group added.
A Boston-based firm that tracks local real estate activity, the Warren Group issued its report a day after the Tuesday releases of monthly housing data by the S&P/Case-Shiller Home Price Indices and the Massachusetts Association of Realtors. The three groups use different methods to compile their reports.
In its release, the Warren Group said that the volume of Massachusetts single-family homes sold in February decreased by 4.1 percent to 2,078.
“This modest drop in sales was caused by the same lack of inventory that has plagued the market for months,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “These February sales numbers represent closings on homes that went under agreement in December, for the most part. Cold weather and holidays are certainly factors in making February traditionally the slowest month of the year.”
Last month, there were 947 condo sales in Massachusetts, up 6.5 percent on a year-to-year comparison basis.