Biggest Percentage Gain for Any Month in 4 Years
BOSTON, May 24th, 2016 – Single-family home sales in Massachusetts rose by 34.7 percent in April, according to a new report from The Warren Group, publisher of Banker & Tradesman.
There were 4,278 single-family homes sold statewide in April, compared with 3,176 in April 2015. Year-to-date, sales were up by 31.1 percent with 14,257 homes sold in the first four months of 2016 compared with 10,876 sold during the same time last year.
The median sale price of a single-family home in Massachusetts in April increased by 3.9 percent to $336,850 from $324,250 last year. Year-to-date prices remained flat, with a median sale price of $320,000 down 0.3 percent from the same period in 2015.
“Sales are soaring,” said Timothy M. Warren Jr., CEO of The Warren Group. “April’s percentage gain is the best of any month in four years and we have to go back to 2005 to find any April with more homes sold. Buyers are out in force while prices remain below their peak in many communities. And threats of rising interest rates are pushing everyone to close their deals soon.”
Condominium sales for the month rose by 18.6 percent, with 1,722 condos sold compared with 1,452 sold in April 2015. This marked the 11th consecutive month of increases in condo sales. Year-to-date, condo sales increased by 23.8 percent to 5,699 condos sold compared with 4,604 in the same timeframe last year.
The median condo price in the Bay State increased by 7.9 percent to $321,000 compared with $297,250 in the same month last year. Year-to-date, condo prices were up 2.7 percent to a median sale price of $303,000 compared with $295,000 in the same time period last year.
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.