By PBN Staff
By PBN Staff
BOSTON – Single-family home sales in Bristol County, Mass., jumped 21.48 percent in May compared with the same period in 2012, The Warren Group said Tuesday.
The real estate data firm reported 328 houses sold in the county last month, up from 270 in May 2012.
Along with the 21.48 percent increase in sales, the median price of Bristol County single-family homes rose 5.87 percent year over year in May to $243,500, compared with $230,000 in May 2012.
Statewide, single-family home sales rose 6.17 percent in May, the first increase after three consecutive monthly year-over-year sales declines.
“Now that we’re well into the prime spring selling season, activity is increasing for sales volume as expected,” said Timothy M. Warren Jr., CEO of The Warren Group, said in a statement. “We’re expecting home sales to continue to rise on a year-over-year basis this summer. Median prices have increased by double-digit percentages for four straight months and show no signs of slowing.”
As the number of Massachusetts homes sold in May increased, so did the median sale price of single-family homes. The median price rose 11.9 percent in May from $270,000 in 2012 to $300,000 in 2013.
“The rise in prices has been a result of tight inventory,” Warren added. “It’s concerning to see prices rise at this rapid rate. Pent-up demand for homes from buyers who postponed their purchase plans is driving up prices. Consumers are rushing to buy before prices and interest rates get too high.”
In other areas of the market, Bristol County condominium sales surged 112.12 percent in May compared with the same period in 2012. There were 70 condominiums sold in May, up from 33 during the same month last year.
The median price of Bristol County condominiums sold in April was $137,625, a 31.07 percent increase from the same time last year.