Highest Single-Family Median Sale Price In 8 Months
BOSTON, June 28th, 2016 – Single-family home sales in Massachusetts rose by 20.9 percent in May, according to a new report from The Warren Group, publisher of Banker & Tradesman.
There were 5,297 single-family homes sold in the Bay State in May, compared with 4,382 in May of 2015. Year-to-date, sales were up by 28.2 percent with 19,554 homes sold in the first five months of 2016 compared with 15,258 sold during the same time last year.
The median sale price of a single-family home in May was $347,000, a $7,000 increase from $340,000 last year, the highest median sale price in eight months. Year-to-date prices remained flat, with a median sale price of $325,500, up 0.2 percent from the same period in 2015.
“Sales volume continues to be very strong,” said Timothy M. Warren Jr., CEO of The Warren Group. “We have seen gains of 20 percent or better every month this year. And for the past 12 months we have recorded double-digit increases. Home buyers are out in force and deals are getting done.”
Condominium sales for the month rose by 9.0 percent, with 2,146 condos sold compared with 1,969 sold in May of 2015. This marked the 12th consecutive month of increases in condo sales. Year-to-date, condo sales increased by 19.4 percent to 7,845 condos sold compared with 6,573 in the same timeframe last year.
The median condo price in the Bay State increased by 4.4 percent to $335,000, compared with $321,000 in the same month last year. Year-to-date, condo prices were up 3.2 percent to a median sale price of $310,000 compared with $300,450 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.
Timothy Warren Jr., CEO of The Warren Group, discusses this month’s residential sales for Massachusetts in this podcast.