Warren Group: Home sales, median price rise 16% in Mass.
SALES OF SINGLE-FAMILY homes in Massachusetts rose 16 percent in September, while the median home price rose from $280,000 in September 2012 to $323,625 last month, The Warren Group reported Tuesday. Timothy M. Warren Jr., CEO of The Warren Group, said that 26 communities are now above their pre-recession median price levels.
BOSTON – Sales of single-family homes in Massachusetts rose 16 percent in September compared with the same period a year earlier, making it the best September since 2005, according to a report released Tuesday by The Warren Group.
A total of 4,358 single-family homes sold in Massachusetts in September, up from 3,739 sales in September 2012.
Year-to-date sales totaled 37,757, a gain of 12 percent from 35,590 sales during the same period last year.
Single-family home sales increased 16.6 percent in Bristol County for the month, pulling the year-to-date gain to 13.6 percent.
“Despite rising interest rates, home sales have remained high this year, particularly booming in the third quarter,” said Timothy M. Warren Jr., CEO of The Warren Group. “Median prices continue their upward surge with a 16 percent gain.”
The median price of a Massachusetts single-family home increased to $323,625 in September, up from $280,000 a year earlier. September marked the 12th consecutive month of a median price increase.
The median price for homes sold January through September was $325,000, 12 percent more than the $289,000 median price in the same 2012 period.
Bristol County’s median price for September was $245,000, an 11.4 percent improvement on the September 2012 price and an 8.9 percent increase year to date.
“These data show that there continues to be strong demand and a shortage of supply,” said Warren. “Twenty-six communities are now above their pre-crash high for median price and others are closing in on previous highs.”
In September, condominium sales statewide totaled 1,800, up 12.5 percent from 1,608 a year ago. Year-to-date condo sales have posted an increase of 4.8 percent, rising to 15,373 from 14,665 during the same period last year.
Bristol County condo sales fell 7.6 percent in September to 49, although through the end of the month, sales has gained 21.7 percent this year.
The median condo price rose 7 percent in September to $295,250, up from $275,000 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 in 2012.
At the same time, the median condo price increased 10.3 percent in September to $169,900, with a year-to-date increase of 16.2 percent to $168,500.
The Warren Group is the Boston-based publisher of Banker & Tradesman, The Commercial Record and a series of association publications.