Single family home sales in the Merrimack and Nashoba Valleyes rose 37.2 percent in May compared with last year, while the number of condominiums sold climbed by a whopping 50.8 percent during the same time frame, according to the Northeast Association of Realtors (NEAR).
Sales of both property types also showed significant gains versus the month of April, rising by 25 and 23.4 percent, respectively. The report is based on data from MLS Property Information Network in Shrewsbury.
The report also showed that the median price for single family homes sold locally during May was $302,000, a drop of 2.6 percent versus last May, but an increase of 4.1 percent over April’s median price of $290,000. Meanwhile the median price of condominiums sold in May was $198,000, a rise of 17.2 percent compared with last year and an increase of 23.8 percent versus April’s median of $160,000.
"The spring market in 2012 has been extremely active, with buyers returning to the market in numbers we haven’t seen for several years," said NEAR President Mary O’Donoghue in a statement. "Even with the rise in purchase activity, we continue to see bumps in the road such as overly restrictive lending practices, potential first-time buyers stymied by high amounts of student debt, and issues with appraisals that block financing ability."
The average length of time it took to sell a single family home in May was 120 days, an increase of 1.7 percent over last May. It took an average of 119 days for the condominiums sold during May to close, a decrease of 5.6 percent compared with last May.
The report also noted that pending sales-those now under agreement but not yet closed-for single family homes during May were up by a substantial 17.8 percent compared with May of 2011, with the agreed-upon median price for those properties relatively flat, up by just 1.6 percent versus last May. The number of pending sales for condominiums locally during the month was also up by 12.1 percent since last May, with the median price easing up by 2.4 percent to $168,900.
Inventory levels of area homes for sale as of June 15 have dipped slightly, with 1,611 available single family homes and 627 condominiums. The inventory for both single family homes and condominiums locally remains well below the peaks set in 2006 and 2007, which were 2,242 for single family homes and 1,251 for condos.
