BOSTON, June 24, 2014 – Single-family home sales in the Bay State decreased in May by 7.0 percent, according to a new report from The Warren Group, publisher of Banker & Tradesman, marking the fourth consecutive month that sales have decreased on a year-over-year basis.
In May, a total of 4,482 single-family homes were sold compared with 4,820 in May 2013. Year-to-date sales also declined by 3.8 percent with 15,467 homes sold compared with 16,073 during the same period last year.
“Single-family sales volume is still slipping. Most of these May closings went under agreement in March at the start of the spring selling season, and we’ll see sales reach their peak in July,” said Timothy M. Warren Jr., CEO of The Warren Group. “Low inventory and lingering winter weather in March may have depressed the number of sales, but the rising median price tells me that the market is recovering nicely.”
The median sales price of single-family homes in the Bay State increased by 4.7 percent in May to $340,000 compared with $324,600 in May 2013. This was the 20th consecutive month of year-over-year price increases. Year-to-date, prices also rose by 6.3 percent to $319,000 compared with $300,000 during the same period last year.
Condominium sales remained strong in May with a total of 2,146 transactions completed compared with 2,015 in May 2013. May marked the 11th consecutive month condo sales have increased on a year-over-year basis. Year-to-date sales were also up by 9.3 percent with 7,166 sales completed during the first five months of this year compared with 6,557 recorded during the same period last year.
Condo prices increased by 8.47 percent in May, posting a median selling price of $320,000 compared with $295,000 in May 2013. Year-to-date, condo sales continued to climb, recording a median selling price of $305,000, a 13.0 percent increase from the $270,000 in May 2013. May marked the 16th consecutive month the median selling price of a condo increased, year-over-year.
“Condominiums are the strongest part of the market these days. The current median price of $320,000 is the highest of any month in history, proving that smaller spaces, care-free maintenance and urban living are popular these days,” Warren said.