Home, condo sales drop in January in Bay State

SALES OF SINGLE-FAMILY homes and condominiums fell in January compared with the prior year period, according to data from The Warren Group. / COURTESY THE WARREN GROUP
SALES OF SINGLE-FAMILY homes and condominiums fell in January compared with the prior year period, according to data from The Warren Group. / COURTESY THE WARREN GROUP

BOSTON – Single-family home sales in January decreased nearly 2 percent compared with the prior year period, according to The Warren Group, publisher of Banker & Tradesman. The decline marked the first time sales decreased year over year since September.
Home sales were 2,685 in January, the lowest number reported since February 2014, when 2,078 homes were sold.
“The slight decline in single-family home sales is not an indication of how the market will proceed in 2015,” Timothy M. Warren Jr., CEO of The Warren Group, said in a statement.
Warren said there is a “pent-up demand for homes, but low inventory continues to plague the market.”
“Barring March snowstorms, I think buyers will be out in force during the months of March through June. The question is whether enough homeowners are willing to sell their homes to satisfy the demand,” Warren said.
With 161 single-family homes sold in January, Bristol County experienced a 22.6 percent drop in home sales year over year.

Statewide, the median sales price of a single-family home rose 1.6 percent last month to $320,000, marking the fourth consecutive month that median prices have increased. Bristol County’s median sales price also increased, nearly 9 percent, to $249,000.

Condominium sales statewide for the month fell to 1,031 from 1,145 in 2014, a 10 percent drop. That represents the lowest number of condominium sales since February 2014, when 947 were sold. In Bristol County, condominium sales declined 62.5 percent, to 18.

The median condominium sales price in the Bay State remained unchanged at $299,999. In January 2014, the median sales price for a condo was $300,000.

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The median condominium sales price in Bristol County declined 0.75 percent to $166,250.

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