BOSTON, May 24, 2011 – Single-family home sales in Massachusetts dropped 28 percent in April compared to the same month a year ago. Median prices of homes statewide decreased for the fifth consecutive month, according to The Warren Group, publisher of Banker & Tradesman.
In April, there were 2,865 single-family home sales, down from 3,996 in April 2010. This marks the third consecutive month that sales volume decreased year-over-year. Sales volume reached the highest level so far this year; the number of sales has been as high as 2,624 in March and as low as 1,715 in February. Year-to-date sales are down almost 16 percent – a total of 9,509 home have sold so far this year, down from 11,308 during the same period last year.
“The year-over-year numbers are dismal because we’re comparing to the homebuyer tax credit selling boom. We will likely see decreases until the summer,” said Timothy M. Warren Jr., CEO of The Warren Group.
The median price for single-family homes sold in April dropped almost 4 percent to $274,000 from $285,000 a year ago. This is the fifth straight month that median sale prices declined statewide. The median selling price for the first four months of the year was $270,000, 3.6 percent lower than the $280,000 median price recorded during the same period in 2010.
“Dropping prices can lure buyers into the market. Hopefully that factor coupled with the spring buying season boosts the market a bit,” Warren added.
Statewide condominium sales declined more significantly – falling almost 37 percent to 1,160 from 1,834 in April 2010. A total of 3,895 condo sale transactions were recorded in the first four months of the year, a 26 percent decrease from 5,279 the prior year. April marked the 10th consecutive month that condo sales declined.
The median condo sale price rose for the first time this year. Prices climbed 8.6 percent to $276,000 in April from $254,138 during the same month in 2010. The year-to-date median condo price crept up 1.63 percent to $250,000 from $246,000.