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Your Tewksbury Today

Merrimack Valley Home Sales Sluggish In October, Though Prices Continue to Inch Upward

Dec 04, 2018 02:36PM ● By Bill Gilman

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Competitive Edge

 (Editor's note: The following article is based on information provided by The Warren Group.)

The median sale price for both single-family homes and condominiums increased in October as inventory levels dwindle across Massachusetts, according to a new report from The Warren Group, publisher of Banker & Tradesman.

Last month, there were 5,175 single-family home sales in Massachusetts, a 0.9 percent decrease from October 2017. The median single-family home price increased 3.9 percent to $374,000, up from $360,000 a year earlier. This is the highest median single-family home price ever achieved for the month of October. Year-to-date, the median price rose 5.5 percent to $385,000, while sales edged 1.4 percent lower with 50,149 transactions.

“Despite the shrinking single-family home inventory across Massachusetts, sales are more or less on par with where they were in October 2017,” said The Warren Group’s CEO, Tim Warren. “Demand continues to be strong, and there’s no doubt in my mind that if there were additional homes available on the market, we would have seen a spike in sales last month.”

Concurrently, there were 4,587 purchase mortgages for single-family homes in October, marking a 1.3 percent decrease on a year-over-year basis. October purchase mortgages totaled $1.76 billion – a 4.2 percent decrease from a year earlier. Year-to-date, single-family homes have accounted for 44,533 purchase mortgages across Massachusetts totaling $17.42 billion.

In Dracut, 26 single-family homes were sold in October, that's a drop of 33 percent from October 2017. However, through the first 10 months of 2018, the 277 single-family homes sold represent an increase of 14.5 percent over a year ago.

The median sale price of single-family homes sold in Dracut in October was $340,500, an increase of 3.2 percent year over year. For the first 10 months of 2018, the median sale price of $355,000 is up a full 8.7 percent over the same period in 2017.

In Tewksbury, 30 single-family homes were sold in October, that's a drop of 16.7 percent from October 2017. However, through the first 10 months of 2018, the 266 single-family homes sold represent an increase of 5.1 percent over a year ago.

The median sale price of single-family homes sold in Tewksbury in October was $399,500, down 7.6 percent year over year. For the first 10 months of 2018, the median sale price of $430,000 is up a full 6.2 percent over the same period in 2017.

Condominium sales in October totaled 1,920 transactions, marking a 7.6 percent decrease from a year earlier. Meanwhile, the median condo price increased 0.5 percent to $333,000 – the highest amount ever achieved for the month of October. Year-to-date, condo sales increased 0.2 percent with 20,774 transactions compared to the same period in 2017, while the median price rose 7.4 percent to $365,000.

Condos accounted for 1,324 purchase mortgages last month, a 14.2 percent decrease on a year-over-year basis. October condo purchase mortgages totaled $424 million, a 14.3 percent decrease from October 2017’s $495 million. Year-to-date, condos have accounted for 15,057 purchase mortgages totaling $5.28 billion.

In Dracut, 21 condo units sold in October, a whopping 75 percent increase over October 2017. For the first 10 months of the year, the 183 units sold represents a 14.4 percent increase over the same period in 2017.

The median price of the units sold in October was $198,000, a jump of 9.1 percent over October 2017. For the first 10 months of the year, the median sale price of $207,500 is a 5.8 percent increase year over year.

In Tewksbury, 13 condo units sold in October, a a dip of 7.1 percent from October 2017. For the first 10 months of the year, the 114 units sold represents a significant 18 percent drop fromthe same period in 2017.

The median price of the units sold in October was $325,000, a jump of 5.4 percent over October 2017. For the first 10 months of the year, the median sale price of $326,000 is a 5.8 percent increase year over year.


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