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Tewksbury Single-Family Home Sales Drop Sharply But Prices Still Climbing

Apr 11, 2019 06:53AM ● By Bill Gilman

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

Massachusetts single-family home sales spiked on a year-over-year basis as the median sale price reached an all-time high for the month of February, according to a new report from The Warren Group, publisher of Banker & Tradesman. 

However, Tewksbury single-family home sales were down sharply through the first two months of 2019.

Last month, there were 2,810 total sales recorded in Massachusetts, an 8.7 percent increase from February 2018 when there were 2,585 transactions. This marked the highest number of sales for the month of February since 2016. Meanwhile, the median single-family sale price increased 7.4 percent on a year-over-year basis to $365,000, which marked an all-time high for the month of February. Year-to-date, there have been 6,044 single family home sales with a median sale price of $365,000.

“Massachusetts single-family home prices continue to set records as demand remains strong while supply is tight,” said Tim Warren, CEO of The Warren Group. “The last time the median sale price declined on a year-over-year basis was in March 2016. Furthermore, February’s increase in median price was the biggest percentage gain in four years.”

Tewksbury had just 10 single-family home sales in February, down 41.2 percent from  February 2018. Through the first two months of the year, just 23 homes have sold in Tewksbury, down 36.1 percent over the same period in 2018.

Local prices continue to rise, however. The median price of homes sold in Tewksbury over the fist two months of 2019 was $408,000, up 14.1 percent from the first two months of 2018.

In February, there were 1,235 condominiums sales in Massachusetts, compared to 1,163 sales in February 2018 – a 6.2 percent increase and the most transactions recorded for the month of February since 2008. Meanwhile, the median sale price fell 2 percent to $343,000. Year-to-date, there have been 2,486 condo sales with a median sale price of $349,250.

“Condo sales normally reach their low in any given year in February,” Warren continued. “It has yet to be seen if that will be the case in 2019, but the slight uptick last month shows that buyers aren’t being scared off by historically high sale prices.”

Condo sales were sluggish in Tewksbury, with 5 units sold in February, unchanged from February 2018. Through the fist two months of the year, 13 units have been sold, up 62.5 percent over the same period in 2018.

The median price of the condo units sold in 2019 has been $354,000, up 6.6 percent from the same period in 2018.

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