Mass. Home Sales Stay Hot, Up 16 Percent; Tewksbury Prices Skyrocket
Oct 13, 2015 05:39AM ● Published by Bill Gilman
The Bay State's housing boom continued into August with 6,284 single-family home sales, a 16.0 percent year-over-year increase. It is the third straight month of double-digit growth, according to a new report from The Warren Group, publisher of Banker & Tradesman.
It was the first time single-family home sales climbed above the 6,000 mark in August since 2005, when there were 6,570 sales.
In Tewksbury, the housing market wasn't quite as hot as the rest of the state in August but it did remain vibrant.
In August, there were 34 single family homes sold locally, exactly the same total as in August 2014. Through August 31, 188 homes have been sold in Tewksbury in 2015, down from 193 during the same time period in 2014.
The median sale price for single-family homes in Massachusetts in August 2015 was $359,000, a 3.2 percent increase from August 2014's median of $348,000. Year to date the median price is $345,000, a 3.0 percent increase from last year's mark of $335,000 through August.
Prices continue to soar in Tewksbury. The average price of a single family home sold in August was $379,450, up 11.5 percent from August 2014.
"This year we've been experiencing the strongest Massachusetts real estate market since the housing started its long, steep decline in 2005. August's sales numbers have continued that trend," said Timothy Warren Jr., CEO of The Warren Group. "The months of June, July and August are the months with the most sales every year as the homes shopped during the spring season come to their closings. With double- digit increases for all three months we can say the market is booming. The fact that median price gains statewide have been steady, but moderate gives us assurance that a new price bubble is not forming."
The condo sales market was strong in August as well, with 2,433 sales across Massachusetts. This month's mark was a 9.3 percent increase from August 2014, which had 2,226.
The median condo price in August was $330,000, up 1.9 percent from August 2014, when the median was $323,950. Year to date the median condo price has been $320,00, up 1.6 percent from $315,000 at this time last year.
There were 21 condos sold in Tewksbury in August. Again, it was the exact same number as were sold in August 2014. The average condo sales price in Tewksbury in August was $307,000. That's up a whopping 25.3 percent increase over August 2014.