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Condo Sales Up 17 Percent Over Last Year

BOSTON, August 29, 2013 – A total of 5,941 single-family homes statewide sold in July, up from 5,014 during the same month last year. This is the best month for sales volume since June 2006, when there were 6,152 sales. It’s also the best July since 2005 when 6,672 sales were recorded. So far this year, 27,600 homes have sold in Massachusetts, up 3.5 percent from 26,647 during the same period in 2012.

“Many recent real estate reports have signaled a strong real estate recovery, and our numbers speak to that rebound,” said David Harris, editorial director of The Warren Group, publisher of Banker & Tradesman. “While consumer confidence and strong employment numbers continue to bolster the market, there’s concern that higher mortgage rates and increasing home prices could dampen the revitalized market.”

The median price of a single-family home rose 10 percent in July, increasing to $349,000 from $317,275 a year earlier. This is the 10th consecutive month of median price increases, and the fourth consecutive month that prices exceeded $300,000. The median price for homes sold January through July was $320,550, up more than 12 percent from $286,000 in the prior year.

Condominium sales also spiked in July, rising almost 17 percent from a year earlier. A total of 2,336 condos sold in July, up from 1,998 a year ago. Year-to-date condo sales were also up almost 5 percent, increasing to 11,094 from 10,607 during the same period last year.

The median condo price rose 5.5 percent in July. The median selling price was $310,000, up from $293,730 a year earlier. The year-to-date median price of condos in the Bay State is $290,000, up about 3.6 percent from $279,900 a year ago.