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Regional Spotlight: Bay State Home, Condo Sales Surge by Double-Digit Percentages in April 2010

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RISMEDIA, May 28, 2010—Single-family home sales in Massachusetts spiked 45.8% in April 2010 compared to the same month a year ago, while condominium sales soared 55.7%, according to The Warren Group, publisher of Banker & Tradesman.

Prices for both single-family homes and condos also climbed in April.

“The surge in sales activity continued in April. Single-family home sales have increased year-over-year for 10 straight months and median home prices have been on the rise for five months,” said Timothy M. Warren Jr., CEO of The Warren Group. “There is more confidence about a turnaround in the housing market, but concerns remain about foreclosure activity and unemployment, which are still high.”

Single-family home sales shot up 46% to 3,980 from 2,730 in April 2009. It was the most sales for the month of April in five years. Year-to-date sales are up 26.1% to 11,286 from 8,953.

The median price for single-family homes sold in April rose 7.1% to $285,000 from $266,125 a year ago. The median selling price for the first four months of the year was $280,000, 8.1% higher than the $259,000 median price recorded during the same period in 2009.

Statewide condominium sales jumped 56% to 1,831 from 1,176 in April 2009. A total of 5,278 condo sale transactions were recorded in the first four months of the year, a 32.6% increase from 3,981 the prior year.

The median condo price climbed 5.5% to $253,000 in April from $239,900 during the same month in 2009. The year-to-date median condo price rose 8.7% to $246,250 from $226,500.

For more information, visit www.thewarrengroup.com.

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