Single-Family Home Sales Soar In Tewksbury, Prices Hit Record-Highs Across Mass.
Aug 06, 2018 05:24PM
● By Bill Gilman
Massachusetts single-family home sales declined in June on a year-over-year basis, while the median sale price reached an all-time high, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, the median single-family sale price increased 6.3 percent to $420,000, up from $395,000 a year earlier. This marks the first time the median single-family home price has ever exceeded $400,000 in a given month. Year-to-date, the median price rose 5.6 percent to $380,000.
“Following the most recent price spike, it’s becoming increasingly apparent that 2018 will be a record-setting year,” said Tim Warren, CEO of The Warren Group. “After more than 40 years of tracking and analyzing the local real estate market, the median home price surpassing $400,000 is a first for me.”
There were 7,205 single-family home sales recorded in Massachusetts in June, a 3.7 percent decrease from June 2017, marking two consecutive months of falling sales numbers as inventory continues to shrink. Year-to-date, 26,500 single-family homes have been sold across Massachusetts, a decline of 2.6 percent from the first six months of 2017.
The Tewksbury housing market has followed the same trend, to an even greater degree.
There were 42 single-family homes sold in Tewksbury in June, up a whopping 27.3 percent over June 2017. The median price of those homes sold was $440,000, up a robust 8.6 percent. In the first six months of the year, 136 single0family homes have sold in Tewksbury, up 13.3 percent over the same period in 2017. The median price of the homes sold in 2018 has been $422,500, up 6.2 percent over the first six months of 2017.
Condominium sales in June totaled 2,962 transactions, marking a 1.8 percent decrease on a year-over-year basis. Meanwhile, the median condo sale price increased 7.5 percent to $385,000 – the second-highest median sale price ever achieved in condo sales. Year-to-date, condo sales increased 2.8 percent with 11,834 transactions compared to the same period in 2017, while the median price rose 10.6 percent to $385,000.
“The median statewide condo price has been above $370,000 for four consecutive months,” Warren continued. “The bulk of the price gain is the results of major development throughout the Greater Boston area, and with 18 major developments slated for completion this year – bringing even more condos to the market – I don’t expect price gains to slow anytime soon. I wouldn’t be surprised if the median condo price joins single-family homes above the $400,000 mark in the coming months.”
Condo sales continue to slump in Tewksbury. Just 15 units sold in June, down 31.8 percent over June 2017. But the median price of the units that did sell jumped 6.7 percent, to $325,000.
For the first six months of 2018, 55 condo units have sold, down 21.4 percent over the same period last year. The median price of the units sold was $322,000, up 8.6 percent.