Single-family home and condominium sales increased last month as the spring Massachusetts real estate market started to heat up, according to a new report from The Warren Group, publisher of Banker & Tradesman.

Last month, there were 4,279 single-family home sales recorded in Massachusetts, a 2.8 percent increase from April 2018 when there were 4,162 transactions.

Meanwhile, the median single-family sale price rose 2 percent on a year-over-year basis to $382,500, which marked an all-time high for the month of April. Year-to-date, there have been 14,004 single-family home sales with a median sale price of $375,000 – a 5 percent increase from the first four months of 2018.

“The median sale price for single-family homes has been steadily on the rise for the last three years,” The Warren Group Associate Publisher and Media Relations Director Cassidy Norton said in a statement. “Even with inventory levels improving, I fully expect stiff competition between buyers to keep prices elevated during the upcoming spring and summer months.”

Concurrently, there were 3,823 purchase mortgages for single-family homes in April, marking a 5.2 percent increase on a year-over-year basis. April purchase mortgages totaled $1.52 billion – a 6 percent increase from a year earlier. Year-to-date, single-family homes have accounted for 12,581 purchase mortgages across Massachusetts totaling $8.87 billion

Single-family home inventory dropped by 8.6 percent in April on a year-over-year basis, to 11,928 homes for sale, according to the Massachusetts Association of Realtors, the 86th decrease in the past 87 months and the lowest number of homes on sale ever for the month of April. The number of months of supply also dropped in April on a year-over-year basis, from 2.8 to 2.5.

The statewide condominium market saw an opposite trend, MAR found, with inventory growing 4.7 percent year-over-year to 4,240 units – the fourth consecutive month of increases – and the number of months of supply growing 4.5 percent to 2.3. The number of days on the market grew 14 percent to 57 but the number of new listing dropped slightly to 3,130.

“With four straight months of year-over-year increases in the number of condos for sale, we can certainly say this is a positive trend,” 2019 MAR President Anne Meczywor said in a statement. “However, we need more new listings added to the market to meet demand going forward.”

MA Single-Family, Condo Sales Rise in April as Spring Market Heats Up

by Banker & Tradesman time to read: 1 min
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