Home Sales Stay Strong, Condos Slow In Tewksbury
Jul 11, 2016 08:35AM
By Bill Gilman
BOSTON -- Single-family home sales in Massachusetts rose by 20.9 percent in May, according to a new report from The Warren Group, publisher of Banker & Tradesman.
The news was almost as good in Tewksbury, where sales and prices continue to soar.
There were 5,297 single-family homes sold in the Bay State in May, compared with 4,382 in May of 2015. Year-to-date, sales were up by 28.2 percent with 19,554 homes sold in the first five months of 2016 compared with 15,258 sold during the same time last year.
In Tewksbury, there were 22 single-family homes sold in May, up five percent over May 2015. For the year, 98 homes have been sold in Tewksbury. That's up a whopping 26 percent over the same five month period in 2015.
The median sale price of a Massachusetts single-family home in May was $347,000, a $7,000 increase from $340,000 last year, the highest median sale price in eight months. Year-to-date prices remained flat, with a median sale price of $325,500, up 0.2 percent from the same period in 2015.
But in Tewksbury, prices continue to soar. The median price of a single-family home sold in May was $390,000, up seven percent over May 2015. Year-to-date, the media price of homes sold is $377,500, up a full 14 percent over the same time period in 2015.
“Sales volume continues to be very strong,” said Timothy M. Warren Jr., CEO of The Warren Group. “We have seen gains of 20 percent or better every month this year. And for the past 12 months we have recorded double-digit increases. Home buyers are out in force and deals are getting done.”
Across Massachusetts, condominium sales for the month rose by 9.0 percent, with 2,146 condos sold compared with 1,969 sold in May of 2015. This marked the 12th consecutive month of increases in condo sales. Year-to-date, condo sales increased by 19.4 percent to 7,845 condos sold compared with 6,573 in the same timeframe last year.
The median condo price in the Bay State increased by 4.4 percent to $335,000, compared with $321,000 in the same month last year. Year-to-date, condo prices were up 3.2 percent to a median sale price of $310,000 compared with $300,450 in the same time period last year.
The news was not nearly was strong in Tewksbury, where sales appear to have flattened out after gains earlier in the spring.
Number of Sales 13
YTD Number of Sales 58 55 -5%
Median Sale Price $290,000 $263,500 -9%
YTD Median Sale Price $264,000 $276,000 5%
Just 8 condo units were sold in May, a drop of 38 percent from May 2015. Year-to-date, 55 units have been sold, a drop of five percent from the same period a year ago.
Prices are also down. The median price of a Tewksbury condo sold in May was $263,500. That's down nine percent from May 2015. Year-to-date, the median price for Condo sales in Tewksbury is $276,000, a modest increase of five percent over the same period in 2015.