Mass. home sales down, but median prices up
Home sales in Massachusetts fell about 7 percent in April, according to two widely watched reports that cited a lack of homes available for sale during the first full month of spring.
However, both reports said the median sale price of a single-family home rose last month, indicating that “the demand is there and the market is strong,” according to Timothy M. Warren Jr., CEO of the Boston-based Warren Group, which released one of the two reports.
The Warren Group said the median price rose 3 percent from April 2014, to $324,500. It marked the seventh consecutive month in which prices have risen year over year. During the first four months of 2015, prices are up 3.2 percent to a median of $319,900.
"The dip in home sales (in) … April is most likely due to the fact that these homes were shopped during the height of the winter weather in February," Timothy Warren said in a statement. “Lack of inventory is the biggest problem.”
Sales in Central Massachusetts followed that trend. The number of sales in Worcester, Middlesex and Norfolk counties all slipped in April, while median sale prices rose. In Worcester County, the median jumped 2.2 percent to $230,000; in Middlesex County, the median was up 1.5 percent to $445,000; and Norfolk County saw the largest increase among the three at 6.1 percent to a median of $434,900.
In its monthly assessment of the market, the Massachusetts Association of Realtors (MAR) also cited a shortage of inventory, but sounded a hopeful note for the months ahead. “As the spring market progresses, we’re starting to see more homes come on the market and if this trend continues, we should see a very active summer,” MAR President Corinne Fitzgerald said.
Meanwhile, The Warren Group cited drops in condominium sales, as well median sale prices for condos. Sales fell 6.5 percent statewide, while the median slipped 3.2 percent to $300,000 in April. Locally, though, sales were up in Worcester County 1.8 percent and the median jumped 7.2 percent, to $189,500. Norfolk County saw a slight jump in sales of less than 1 percent, but the median rose 7.4 percent to $311,500. The story was different in Middlesex County, where the number of condo sales fell 10.8 percent, while the median sale price rose 4.1 percent, to $354,850.
WBJ Web Partners
Most Recent
Most Recent
0 Comments