Tewksbury Real Estate Market Stays Strong, Bucks State Trend
Massachusetts single-family home sales declined in November as the median sales price continued to trend higher, according to a new report from The Warren Group, publisher of Banker & Tradesman.
But Tewksbury managed to buck the trend, with strong local home sales heading into the holidays.
There were 4,615 single-family home sales recorded in Massachusetts in November, an 11.9 percent decrease from November 2018 when there were 5,240 transactions. Meanwhile, the median single-family sale price rose 1.3 percent on a year-over-year basis to $390,000, which marked an all-time high for the month of November. Year-to-date, there have been 54,145 single-family home sales – a 2.3 percent decrease from the first eleven months of 2018 – with a median sale price of $400,000 – a 3.9 percent increase on the same basis.
But in Tewksbury, there were 38 homes sold in November, an increase of a whopping 58.3 percent over October. Through the first 11 months of 2019, there were 325 homes sold in Tewksbury, a healthy increase of 11.7 percent over the same time period in 2018.
Meanwhile, property values continue to climb, as well. The median price for the homes sold in Tewksbury in November was $450,000, an increase of 7.3 percent over October. Through the first 11 months of 2019, the median price of the homes sold was $445,000, a modest increase of 3.8 percent over the same period in 2018.
“It’s not uncommon for single-family home sales to take a dip towards the end of the year, but a near 12 percent decline is unprecedented,” said Tim Warren, CEO of The Warren Group. “The last time November Massachusetts single-family home sales declined by a larger percent was nine years ago in November 2010 when sales plummeted almost 30 percent.”
Tewksbury condo sales were considerably weaker in November. Just 11 units sold in November, down 26.7 percent from October. Through the first 11 months of 2019, just 119 units have sold, a dip of 7.8 percent over the same period in 2018.