BOSTON, October 27, 2015 – Bay State home sales continued on a torrid pace in September, growing 25.3 percent. It was the best September for residential real estate since 2005, and marked the end of a third quarter that showed a 21.7 gain percent over the summer of 2014, according to a new report from The Warren Group, publisher of Banker & Tradesman.
There were 5,430 single-family homes sold in September in Massachusetts, compared with 4,335 in September 2014. Over the third quarter, there were 18,793 single-family homes sold, compared with 15,447 during the same period last year. Year to date, 2015’s 40,461 single-family sales represented 10.1 percent growth over the 36,739 sales through September 2014.
“September’s numbers are a continuation of the strongest spring and summer market Massachusetts has seen in 10 years,” said Tim Warren Jr., CEO of The Warren Group. “The increase in sales, and the steady increase in median sales prices, shows there was a good amount of pent-up demand for purchases. Married couples and new parents were ready to become first-time homeowners and had the savings to make it possible. Empty-nesters were finally ready to downsize and confident they’d get good value for their homes.”
The median sales price for single-family homes sold in September was $330,000, a 3.1 percent increase from the 2014 September median of $320,000. Year to date, the median sales price is Massachusetts is $342,000, a 2.1 percent growth over last year’s median through nine months, which was $335,000.
Condo sales also jumped in September this year, with a 19.6 percent rise over 2014 with 2,059 sales, compared with 1,722 in September last year. Prices for condos essentially stayed flat in September 2015 with a median of $300,000, compared with $300,500 in 2014. The slight difference represents a decrease of 0.2 percent.
Year to date, the 16,626 condo sales so far represent a 4.8 percent increase over the 15,865 sales through September in 2014. Condo prices have been close to flat year to date as well, posting a 0.9 percent increase, with 2015 median of $317,500 compared with $314,800 at this point last year.
The Warren Group has recorded and tracked real estate transactions since 1872. The fourth-generation family-owned company uses its long-time leadership in Boston real estate and banking information to produce specialized reports and news publications, including Banker & Tradesman and The Commercial Record.
With more than 140 years as a local business leader, The Warren Group has developed relationships with a variety of industry leaders and trade groups, including bankers, mortgage brokers, credit unions and lawyers. Working together with our partners, The Warren Group organizes trade shows and industry events, including The Bank Summit, coming in October. For more information about The Warren Group, visit www.thewarrengroup.com.