BOSTON, May 28, 2014 – Single-family home sales in Massachusetts reported a slight drop in April compared with the same month a year ago. The median sales price for single-family homes increased for the 19th consecutive month year-over-year, according to The Warren Group, publisher of Banker & Tradesman.
In April, there were 3,427 single-family homes sold, down 2.3 percent from 3,508 in April 2013. This marks the third consecutive month that sales decreased year-over-year. April sales reached the highest level so far this year, surpassing the 2,749 sales recorded in March. Year-to-date sales decreased 2.4 percent with a total of 10,984 homes sold so far this year, down from 11,253 sold during the same period last year.
“The numbers that we report today are for home sales that closed in April, but the buyers were shopping and negotiating back in February, the middle of a brutal winter. These numbers are not a reflection of the strength of the spring market. Nevertheless, it is a bit of a surprise that we are not seeing more forward momentum,” said Timothy M. Warren Jr., CEO of The Warren Group.
The median price for single-family homes sold in April rose a modest 0.6 percent to $315,000 from $313,000 a year ago. This is the 19th consecutive month that the median sales price increased statewide. The median selling price for the first four months of the year was $309,350, a 5.2 percent increase from the $294,000 median price recorded during the same period in 2013.
Condominium sales increased in April by 7.0 percent to 1,596 from 1,493 in April 2013. A total of 5,018 condo sale transactions were recorded in the first four months of the year, a 10.5 percent gain from the 4,542 sales the prior year. April marks the 10th consecutive month of condo sales increases.
The median condo sales price reported a 10.7 percent increase in April to $310,000 compared with $280,000 posted in April 2013. The year-to-date median condo price also posted a big increase, climbing 15.0 percent to $298,750 from $260,000 during the same time the previous year.
“Condos are proving to be a very popular segment of the market and the high demand is driving up the prices. For April, the median price of a condo is just $5,000 below the median price of a single-family home. Ten years ago the difference was $72,000,” Warren said.