Prices Of Single-Family Homes, Condos Rise By Double Digits
BOSTON, September 24, 2013 – A total of 5,925 single-family homes sold in Massachusetts in August, up from 5,204 sales in August 2012. This is the third time sales have surpassed the 5,000 mark this year. Year-to-date sales are up more than 5 percent at 33,523, compared to 31,851 during the same period a year ago.
“Due to the seasonal nature of the real estate market, this is probably the last month this year we’ll see such high volume. The busy summer selling season is coming to an end, but probably the year-to-year comparisons will stay strong for a while longer. This is further evidence of a strong market, and another great recovery year in real estate,” said The Warren Group CEO Timothy M. Warren Jr. “It will be interesting to see if the Federal Reserve’s decision to keep stimulating the economy will reverse the rise in interest rates and keep the real estate market rising.”
The median price of a Massachusetts single-family home increased 10.6 percent to $340,000 in August, up from $307,500 a year earlier. This marks the 11th straight month of median price increases. The median price for homes sold January through August was $325,000, up more than 12 percent from $290,000 in the prior year.
“I remain concerned with the steady price increases across the state,” Warren said. “However, it seems the high prices aren’t shutting buyers out of the market – just yet. The market is benefitting from pent-up demand.”
In August, condominium sales statewide increased 2.5 percent. A total of 2,512 condos sold in August, up from 2,450 a year ago. This is the highest number of condo sales for any month since August 2007, when there were 2,965 transactions. Year-to-date condo sales are up almost 4 percent, rising to 13,604 from 13,057 during the same period last year.
The median condo price rose 14.7 percent in August to $319,950, up from $279,000 a year earlier. The year-to-date median price of condos in the Bay State is $295,000, up more than 5 percent from $279,900 a year ago.