Condos Sales Increase By 15.0 Percent
BOSTON, July 28, 2015 – Bay State single-family home sales shot up 11.4 percent in June, making it the best June for sales since 2005, according to a new report from The Warren Group, publisher of Banker & Tradesman.
A total of 6,457 single-family homes were sold in June compared with 5,798 in June 2014. Year to date, sales increased by 1.8 percent with 21,667 homes sold compared with 21,292 during the same period last year.
“This month, we are seeing the early results from a strong Spring market, It is a remarkable showing after a prolonged slump and a sluggish recovery extending over the past 10 years, This is the largest number of homes sold in any month since August 2005,” said Timothy M. Warren Jr., CEO of The Warren Group. “Homes that closed in June are typically deals that were shopped and negotiated 30-60 days earlier. This shows the strength of the Spring selling season and follows disappointing sales earlier in 2015.”
The median sales price of single-family homes in the Bay State was $365,000 in June compared with $359,900 in June 2014 an increase of 1.4 percent. Year to date, prices rose by 1.6 percent to $335,000 compared with $329,900 during the same period last year.
Condominium sales rose in June with a total of 2,794 transactions completed compared with 2,429 in June 2014, a 15.0 percent increase. June marked the best month for condo sales since August 2007 and the first time in seven consecutive months that condo sales have increased on a year-over-year basis. Year-to-date sales of condos are down by 0.7 percent with 9,526 sales completed during the first six months of this year compared with 9,590 recorded during the same period last year.
Condo prices climbed 2.3 percent in June, posting a median selling price of $332,500 compared with $325,000 in June 2014. Year to date, the median price of a condo increased for the fourth month this year, climbing 1.6 percent to $315,000 from the $310,000 in June 2014.
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.