FOR IMMEDIATE RELEASE

Editorial Contact:

Aglaia Pikounis                                                                        

The Warren Group

(617) 896-5370                                                             

apikounis@thewarrengroup.com

Mass. Home, Condo Sales Continue Slide in April

Price Decline Eases Compared To Previous Months

BOSTON, May 26, 2009 – Sales of single-family homes and condos fell by double-digit percentages in April, according to a report released today by The Warren Group, publisher of Banker & Tradesman. Median prices for single-family homes and condos also continued to decline in April, but not as sharply as in recent months.  

“April turned out to be a disappointing month for sales volume of both single-family homes and condos. We were expecting that the combination of low mortgage interest rates, a first-time homebuyer tax credit and low home prices would stimulate sales,” said Timothy M. Warren, Jr., CEO of The Warren Group. “Consumers are dealing with job losses, pay cuts and heavy debt, and it appears that it is affecting their home-buying decisions.”

Single-family home sales fell to their lowest level for the month of April since 1990. Statewide home sales retreated 14.5 percent to 2,731 from 3,196 in April 2008.Year-to-date sales dropped 12 percent to 8,898 from 10,108. 

The median price for homes sold in April tumbled 13.1 percent to $265,000 from $305,000 last year. Median home prices have been falling by double-digit percentages for eight consecutive months, but April delivered the smallest price decline in that eight-month period. Meanwhile, the median price for homes sold from January through April fell 17 percent to $257,450 from $310,000 a year ago.

“Our data reflect sales that were recorded in April. These sales were negotiated in February and March, which is the very beginning of the spring selling season. We are hopeful that in the remainder of the spring selling season sales volume will rebound. This would be the first sign that the market is starting to recover,” Warren said.

April was also a sluggish month for condo sales. Condo sales plunged 31.1 percent to 1,178 from 1,711 last April. It was the slowest condo sales pace for the month of April since 1995. Year-to-date condo sale transactions totaled 3,980, a 28.2 percent drop from 5,543 a year earlier.

The median price for condos sold in April dropped 11.1 percent to $239,900 from $270,000 a year ago. April’s year-over-year price decline was the smallest in six months. Year-to-date median condo prices are down 14.4 percent to $226,750 from $265,000.

About The Warren Group

The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.

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