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Both Sales and Median Prices Rise In 2013

BOSTON, January 29, 2014 – Single-family home sales in Massachusetts dropped slightly in December, to 3,712 from 3,725 in December 2012. The decline was less than 1 percent. This marks the second consecutive month of home sales decreases, and the fewest number of sales recorded in one month since April.

Year-to-date sales in the Bay State increased 4.9 percent with 49,699 home sales recorded, up from 47,401 during the same period last year. Fourth quarter sales were also up, increasing 4.5 percent to 11,948 in 2013 compared with 11,432 in the fourth quarter of 2012.

“Low inventory combined with increasing interest rates have slowed the market at the end of 2013,” said The Warren Group CEO Timothy M. Warren Jr. “Sales and prices set a torrid pace in the third quarter of 2013 and through October. Now the market is taking a breather.”

The median price of a single-family home continued to rise in December, reaching $311,125. This represents a 3.7 percent increase from one year ago when it was $300,000. This is the 15th-consecutive month of year-over-year increases in the median price of a single-family home. The median home price for the full year of 2013 rose 10.3 percent to $320,000 in December from $290,000 one year earlier. The quarterly median price of a single-family home was up as well, increasing 5 percent to $310,000 in 2013 compared with $295,000 in 2012.

Condo sales jumped 15.29 percent in December, up to 1,614 from 1,400 one year ago. Condo sales for 2013 were also up. Sales increased 6.8 percent to 20,332 from 19,034 during the same period last year. Fourth quarter condo sales made a leap as well, increasing 13.62 percent to 4,980 in the final quarter of 2013 compared with 4,383 in that period one year earlier.

The median condo price in December was $295,000, a 7.3 percent increase from December 2012’s median price of $275,000. The year-to-date median price of condos in the Bay State experienced similar increases, up just over 7 percent to $296,000 from $276,500 a year ago. Quarterly results showed similar increases. The median price for a condo in the fourth quarter of 2013 was $299,900, up 9.25 percent from $274,500 in the final quarter of 2012.