real estate

Home sales, prices rise in Bristol County, Mass.

YEAR OVER YEAR IN MARCH, single-family home sales and prices rose in Bristol County Mass. Condominium sales fell year over year in March, while prices jumped 26.7 percent in the county.
Posted 4/23/13

BOSTON – Single-family home sales in Bristol County, Mass. rose 5.1 percent in March compared with the same period in 2012, The Warren Group said Tuesday.

The real estate data firm reported 225 houses sold in the county last month, up from 214 in March 2012.

Along with the 5.1 percent increase in sales, the median price of Bristol County houses rose 6.5 percent year over year in March. The median price of Bristol County houses sold last month was $230,000, compared with $216,000 in March 2012.

Statewide, single-family home sales dropped 3.6 percent in Massachusetts in March, the second consecutive monthly year-over-year sales decline after 14 months of increases.

“Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception,” David Harris, editorial director at The Warren Group, said in prepared remarks. “With mortgage rates low and prices competitive, we’re hopeful more sellers will emerge and the trend in dropping home sales will reverse.”

Even as the number of homes sold in Massachusetts fell in March, the median sale price of homes sold rose 8.4 percent from $263,000 in March 2012 to $285,000 in March 2013.

“It's clear that the low supply of homes for sale is continuing to pressure prices,” Harris said. “And there is definitely concern that such steep price spikes will cause an affordability issue.”

In other areas of the market, Bristol County condominium sales fell 5.3 percent in March compared with the same period in 2012. There were 36 condominiums sold in March, down from 38 last March.

The median price of Bristol County condominiums sold in February was $142,750, a 26.9 percent increase from the same time last year.

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