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Rising interest rates were expected by some to slow the red hot Massachusetts real estate market, but Bay State home buyers have not been deterred and home sales and prices have increased throughout 2013.
Last month marked the best September for Massachusetts single-family homes sales since 2005, The Warren Group, publisher of Banker & Tradesman, reported October 22, 2013, and median prices increased in September, the third quarter and through the first nine months of the year.
A total of 4,358 single-family homes sold in Massachusetts in September, a 16 percent increase from 3,739 sales in September 2012. Sales also increased in the third quarter, rising to 16,097 from 13,957 during the same period in 2012. Through September home sales were up by 12 percent to 37,757 from 35,590 during the same period a year ago.
The median price of single-family homes rose almost 16 percent to $323,625 in September, up from $280,000 a year earlier. Third quarter median prices also increased, rising 15 percent to $340,000 from $300,000 in Q3 2012. The median price for homes sold January through September was $325,000, up 12 percent from $289,900 during the same period last year. Twenty-six communities have seen prices rise above their pre-crash high for median price while other towns are closing in on previous highs.
In September, condominium sales statewide rose 12.5 percent to 1,800, up from 1,608 a year ago. Condo sales in the third quarter increased more than 9 percent to 6,615, compared to 6,056 during the third quarter 2012. Year-to-date condo sales are up 4.8 percent, increasing to 15,373 from 14,665 during the same period last year.
The median condo price also increased to $295,250 in September, a 7 percent spike compared to $275,000 a year earlier. Third quarter median prices are up 10.4 percent, increasing to $310,000 from $280,750 in the prior year. Through September 2013, median price of condos in the Bay State were $295,000, an increase of 5.7 percent from $279,000 compared to the same period a year ago.
