Boston, April 28, 2015- Sales of single-family homes in Massachusetts rose slightly in March, marking the second consecutive month sales have increased in 2015, according to a new report by The Warren Group, publisher of Banker & Tradesman.
Single-family home sales gained almost 1 percent in March, with 2,778 homes sold during the month compared with 2,754 in March 2014. Home sales in the first quarter were up 1.3 percent to 7,670 from 7,573 in last year’s first quarter.
The median price for a single-family home sold in March rose 0.76 percent to $317,400 from $315,000 a year earlier. It was the sixth consecutive month that monthly home prices have increased year-over-year. The first quarter median selling price was $317,500, an almost 4.0 percent increase from $305,000 in the first quarter of 2014.
“The small increase in single-family homes in March is a significant and hopeful sign of life in the recovering real estate market. These homes were shopped and deals signed during January and some in February, just as the snow storms were beginning to roll in,” said Timothy M. Warren Jr., CEO of The Warren Group. “This indicates that there are motivated buyers and sellers out there, and they are both eager to make deals happen. The continued limited supply keeps the market from showing substantial improvement.”
Condominium sales decreased statewide by 6.0 percent in March 2015 with 1,251 sales, down from 1,328 in March of last year. A total of 3,218 condo sales transactions were recorded in the first three months of the year, a 6.0 percent decrease from the 3,420 transactions a year earlier.
The median price for condos sold in March was $302,000, up 3.4 percent from $292,190 in March 2014. The first quarter median condo price was also up more than 2.4 percent to $297,000 from $290,000 during the prior year’s first quarter
“Condo sales seem to be cooling off, as we are not seeing the big increases in sales that we saw at this time last year. Even so, they are still an attractive option for first-time home buyers or empty nesters dealing with the continued lack of inventory in single-family homes,” said Warren.
The Warren Group offers a range of real estate products, information services and printed publications, including Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. For more information about The Warren Group, visit www.thewarrengroup.com or follow The Warren Group on LinkedIn.