BOSTON, June 23, 2015 – Single-family home sales in the Bay State decreased in May by 2.6 percent, according to a new report from The Warren Group, publisher of Banker & Tradesman. This marked the third time sales have decreased in 2015.
A total of 4,369 single-family homes were sold in May compared with 4,487 in May 2014. Year-to-date sales declined by 1.8 percent with 15,210 homes sold compared with 15,494 during the same period last year.
“Most of these May closings went under agreement at the start of the spring selling season in March,” said Timothy M. Warren Jr., CEO of The Warren Group. “We won’t see the peak sales numbers until the middle of summer in July.”
The median sales price of single-family homes in the Bay State was $340,000 in May, unchanged from the same month in 2014. Year-to-date, prices rose by 1.9 percent to $325,000 compared with $319,000 during the same period last year.
Condominium sales fell in May with a total of 2,023 transactions completed compared with 2,146 in May 2014. May marked the seventh consecutive month condo sales have decreased on a year-over-year basis. Year-to-date sales were also down by 6.0 percent with 6,732 sales completed during the first five months of this year compared with 7,161 recorded during the same period last year.
Condo prices increased slightly, climbing 2.2 percent in May, posting a median selling price of $327,000 compared with $320,000 in May 2014. Year-to-date, the median price of a condo continued to climb, recording a modest increase of 0.6 percent to $307,000 from the $305,000 in May 2014. May marked the third time the median selling price of a condo increased year-over-year in 2015.
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.