Regional Spotlight—Home sales in the Bay State increased almost 35 percent in May – rising to the highest level of transactions since June 2010, according to The Warren Group, publisher of Banker & Tradesman.
A total of 4,510 single-family homes sold in May, up from 3,350 the same month a year ago. This is the highest number of transactions recorded since June 2010 when there were 5,662 sales. May marks the fifth consecutive month that sales volume increased year-over-year. Year-to-date sales are up more than 23 percent. A total of 16,045 homes have sold so far this year, up from 13,029 during the same period last year.
“The spring market has been especially strong in Massachusetts,” said Cory S. Hopkins, editorial director of The Warren Group. “We’re expecting home sales to continue to soar this summer, thanks to low mortgage rates and affordable prices luring buyers into the market.”
The median price for single-family homes sold in May dropped more than 3 percent to $289,950 from $300,000 a year ago. This is the highest median sale prices recorded so far this year. Year-to-date, the median sale price of a single-family home in Massachusetts is $270,000, which is 1.8 percent lower than the $275,000 median price recorded during the same period in 2011.
“Prices are continuing to drop indicating buyers are in the driver’s seat, and making good deals,” Hopkins added. “For the second month in a row, the price of a single-family home is less than a condominium, a reflection of low inventory in the condo market and a number of less expensive single-family homes coming on the market in recent months.”
The median sale price of a condominium in Massachusetts was $290,000 in May, a less than 1 percent incline from $288,250 in May 2011. The year-to-date median condo price rose 4.5 percent to $267,000 from $255,500 during the same period last year.
For the fourth straight month, condo sales also increased. Sales rose more than 50 percent to 1,881 from 1,247 in May 2011. A total of 6,326 condo sale transactions were recorded in the first five months of the year, a 21 percent jump from 5,227 the prior year.
For more information about The Warren Group, please visit www.thewarrengroup.com or call (617) 428-5100.