The multi-family home market in Massachusetts was down 11% in 2010 compared to the same time last year. While the sales drop was greater than that experienced by the single-family and condo markets, the multi-family market also saw greater median price increases at 13.2%.
On a regional basis, Central Massachusetts had the smallest decrease at 3.8% (all regions went down), with the Cape having had the biggest decrease at 67%. While sales on the Cape were down the most, this part of the state also had the greatest median price increase at 32.9%. The South Shore region had the smallest increase at 7%.
Here are the highlights:
- 2010 Multi-family sales down 11% (from 6,625 sales in 2009 to 5,899 sales in 2010)
- Median prices were up 13.2% (from $190,000 in 2009 to $215,000 in 2010)
- Central region down 3.8% for smallest drop in 2010 (from 963 sales in 2009 to 926 in 2010)
- Cape Cod down 67.6% for largest drop in 2010 (from 74 in 2009 to 24 in 2010)
- Cape Cod had the largest increase in median prices at 32.9% (from $236,250 in 2009 to $314,000 in 2010)
- South Shore had the smallest increase in median prices at 7% (from $135,500 in 2009 to $145,000 in 2010)