REGIONAL SPOTLIGHT – Massachusetts single-family homes sales increased again in September—the third consecutive month sales rose compared to the same month last year, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
A total of 3,482 single-family homes sold in Massachusetts in September, a near 7 percent increase from 3,267 sales in September 2010. Sales also increased about 10 percent in the third quarter—rising to 11,539 from 10,509 during the same period in 2010. Year-to-date sales remain down 10 percent at 28,588, compared to 31,831 during the same period a year ago.
“It’s encouraging to see another month of sales increases. However, sales volume remains low because we are comparing to a period last year when sales dropped off after the tax credits expired,” says The Warren Group CEO Timothy M. Warren Jr. “At this rate, it is almost certain that 2011 sales volume will be one of the slowest years in recent memory.”
The median price of single-family homes remained steady at $289,950, a 0.50 percent increase from $288,500 a year earlier. This is the first time since April that the median price statewide dropped below $300,000. Third quarter median prices almost held stable – dropping just 1.6 percent to $305,000. The median price for homes sold January through August was $295,000, down 1.3 percent from $299,000 in the prior year.
In September, condominium sales statewide declined 2.6 percent to 1,294, down from 1,328 a year ago. Condo sales in the third quarter increased by less than 1 percent to 4,465 compared to 4,431 during the third quarter 2010. Year-to-date condo sales are down more than 20 percent, dropping to 11,308 from 14,158 during the same period last year.
The median condo price increased almost 5 percent in September to $275,450, up from $262,425 a year earlier. Third quarter median prices are up close to 10 percent, increasing to $290,000 from $265,000 in the prior year. The year-to-date median price of condos in the Bay State is $276,500, up more than 4 percent from $265,000 a year ago.