State Housing Boom Rockets Higher In July; Tewksbury Stats Are Mixed
Aug 26, 2015 06:49PM ● Published by Bill Gilman
(Editor's note: Much of this information was provided courtesy of The Warren Group, publisher of Banker and Tradesman.)
The 7,077 single-family home sales in July signaled the best month for the Massachusetts real estate market since June 2005, according to a new report from The Warren Group, publisher of Banker & Tradesman.
By breaking 7,000 sales, July saw the market's first return to that level in more than 10 years, since the 7,239 sales recorded in June 2005. The big month marked a 24.31 percent increase year-over-year from July 2014, which had 5,693 sales.
The news wasn't quite so good in Tewksbury, where 32 homes sales in July marked a decrease of 8.6 percent over July 2014. For the year, 154 homes have been sold in Tewksbury, down 3.1 percent over the same seven-month time period in 2014.
The median sales price for single-family homes in July 2015 was $359,900, a 1.38 percent increase from July 2014's median of $355,000. Year to date the median price has been $340,000, a 1.49 percent increase from last year's mark of $335,000 through July.
Prices remained stong in Tewksbury during the month of July. The median price locally was $392,500, up 6.4 percent over July 2014.
"July's numbers are the result of a very strong spring season and are an improvement over the sluggish start to the year," said Cassidy Murphy, editorial director of The Warren Group. "A rough winter and pent-up demand turned into a strong spring that is a positive sign for the real estate market throughout the state."
The condo sales market in July was also robust, seeing 2,794 sales, the most since August 2007. This month's mark was a 20.07 percent increase from July 2014, which had 2,327. July 2015 supplanted last month as the best month in the eight-year stretch. There were 2,764 in June.
The condo market in Tewksbury was very strong in July, as it has been throughout the year. In July, 29 condos were sold locally, up 20.8 percent over July, 2015. Through July 31, 113 condos have been sold in Tewksbury, up 15.3 percent over the same time period in 2015.
The median price for a condo sold in Tewksbury in July was $298,000. That's an increase of a whopping 18 percent over July, 2015.