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By PBN Staff
By PBN Staff
BOSTON – Sales of single-family homes in Massachusetts rose almost 14 percent last month over the same period a year ago, marking the best August since 2005, according to a report released Tuesday by The Warren Group.
A total of 5,925 single-family homes sold in Massachusetts in August, up from 5,204 sales in August 2012. This is the third time sales have surpassed 5,000 this year.
Year-to-date sales total 33,523, a gain of more than 5 percent from 31,851 sales during the same period a year ago.
“Due to the seasonal nature of the real estate market, this is probably the last month this year we’ll see such high volume,” said Timothy M. Warren Jr., CEO of The Warren Group, in the report. “The busy summer selling season is coming to an end, but probably the year-to-year comparisons will stay strong for a while longer. This is further evidence of a strong market, and another great recovery year in real estate.”
The median price of a Massachusetts single-family home increased 10.6 percent to $340,000 in August, up from $307,500 a year earlier. This marks the 11th consecutive month of a median price increase.
The median price for homes sold January through August was $325,000, 12 percent more than the $290,000 in the prior year.
“I remain concerned with the steady price increases across the state,” said Warren. “However, it seems the high prices aren’t shutting buyers out of the market — just yet. The market is benefiting from pent-up demand.”
In August, condominium sales statewide increased 2.5 percent. A total of 2,512 condos sold in August, up from 2,450 a year ago. This is the highest number of condo sales for any month since August 2007, when there were 2,965 transactions. Year-to-date condo sales have posted an increase of almost 4 percent, rising to 13,604 from 13,057 during the same period last year.
The median condo price rose 14.7 percent in August to $319,950, up from $279,000 a year earlier. The year-to-date median price of condos in the Bay State is $295,000, up more than 5 percent from $279,900 a year ago.
“It will be interesting to see if the Federal Reserve’s decision to keep stimulating the economy will reverse the rise in interest rates and keep the real estate market rising,” said Warren.
The Warren Group is the Boston-based publisher of Banker & Tradesman, The Commercial Record and a series of association publications.