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By PBN Staff
By PBN Staff
BOSTON – Sales of single-family homes in Massachusetts rose 18.5 percent in October compared with the same period a year earlier, according to a report released Tuesday by The Warren Group.
A total of 4,326 single-family homes sold in Massachusetts in October, an increase from 3,649 sales in October 2012.
Year-to-date sales totaled 42,077, a gain of 7 percent from 39,239 sales during the same period last year.
Single-family home sales increased 23.9 percent in Bristol County for the month, pulling the year-to-date gain to 14.6 percent.
“The pace of the housing market has surpassed expectations this year,” said Timothy M. Warren Jr., CEO of The Warren Group. “Pent-up demand is still high following several years of slow activity, and the improving economy is helping to boost the market.”
The median price of a Massachusetts single-family home increased to $313,050 in October, up from $285,000 a year earlier. October marked the 13th consecutive month of a median price increase, and represented the highest median price for October since 2007, when the median price was $331,000.
The median price for homes sold January through October was $324,900, more than 12 percent greater than the $289,000 median price in the same 2012 period.
Bristol County’s median price for October was $246,500, a 14.4 percent improvement on the October 2012 price of $215,500 and an 8.9 percent increase year to date.
In October, condominium sales statewide totaled 1,724, a gain of 16 percent from 1,487 a year ago. Year-to-date condo sales posted an increase of 5.8 percent, rising to 17,089 from 16,152 during the same period last year.
Bristol County condo sales rose 13 percent in October to 52 from 46 last year. Year-to-date condo sales through the end of the month totaled 518, up 20.8 percent from 429 in 2012.
The median condo price in Massachusetts rose 13 percent in October to $299,500, up from $265,000 a year earlier. The year-to-date median price of condos in the Bay State is $295,000, up 7 percent from $267,500 at the same time last year.
At the same time, the median condo price in Bristol County increased 21 percent in October to $176,450, with a year-to-date increase of 17.2 percent to $169,900.
The Warren Group is the Boston-based publisher of Banker & Tradesman, The Commercial Record and a series of association publications.