Median single-family home sale price reaches all-time high for month of April
PEABODY, May 22, 2019 – Single-family home and condominium sales increased last month as the spring Massachusetts real estate market started to heat up, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 4,279 single-family home sales recorded in Massachusetts, a 2.8 percent increase from April 2018 when there were 4,162 transactions.
Meanwhile, the median single-family sale price rose 2 percent on a year-over-year basis to $382,500, which marked an all-time high for the month of April. Year-to-date, there have been 14,004 single-family home sales with a median sale price of $375,000 – a 5 percent increase from the first four months of 2018.
“The median sale price for single-family homes has been steadily on the rise for the last three years,” said The Warren Group Associate Publisher and Media Relations Director Cassidy Norton. “Even with inventory levels improving, I fully expect stiff competition between buyers to keep prices elevated during the upcoming spring and summer months.
Concurrently, there were 3,823 purchase mortgages for single-family homes in April, marking a 5.2 percent increase on a year-over-year basis. April purchase mortgages totaled $1.52 billion – a 6 percent increase from a year earlier. Year-to-date, single-family homes have accounted for 12,581 purchase mortgages across Massachusetts totaling $8.87 billion.
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In April, there were 1,990 condominiums sales, compared to 1,965 sales in April 2018 – a 1.3 percent increase. Meanwhile, the median sale price fell 0.5 percent to $370,000 – marking the third consecutive month that the median condo sale price has declined on a year-over-year basis. Year-to-date, there have been 6,192 condo sales with a median sale price of $359,000.
“The median condo sale price has now declined on a year-over-year basis for three consecutive months,” Norton continued. “Year-to-date, the median condo sale price is now down 3.6 percent. I don’t view this trend as a softening in the market, but rather a return to normalcy. Last year at this time, numerous luxury condos in the Greater Boston area were coming to market which added a significant boost to prices statewide.”
Condos accounted for 1,493 purchase mortgages last month, totaling $533 million. Year-to-date, condos have accounted for 4,643 purchase mortgages totaling $1.65 billion.
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