The number of single-family homes sold in Massachusetts slightly declined in December 2013, the second consecutive month home sales dropped, The Warren Group reported January 29, 2014.
Single-family home sales in Massachusetts decreased in December to 3,712 from 3,725 in December 2012, a decline of less than 1 percent. December saw the fewest number of sales recorded in one month since April 2013.
Massachusetts home sales in 2013 increased 4.9 percent with 49,699 home sales recorded, up from 47,401 during the same period in 2012. Fourth quarter sales increased 4.5 percent to 11,948 in 2013 compared with 11,432 in the fourth quarter of 2012.
Lack of inventory was the primary culprit leading to a slow down in home sales the last two months of 2013.
The median price of a single-family home continued to increase in December to $311,125, a 3.7 percent increase from $300,000 in December 2012. December marked the 15th-consecutive month of year-over-year increases in the median price of a single-family home in the Bay State. The median price of a single-family home in 2013 increased 10.3 percent to $320,000 from $290,000 in 2012. The quarterly median price of a single-family home increased 5 percent to $310,000 in 2013 compared with $295,000 in 2012.
With a lack of single-family home inventory and increased median prices, condo sales jumped 15.29 percent in December, up to 1,614 from 1,400 in December 2012. Condo sales increased 6.8 percent in 2013 to 20,332 from 19,034 in 2012. Fourth quarter 2013 condo sales also increased, up 13.62 percent to 4,980 compared with 4,383 in Q4 2012.
The median condo price in December was $295,000, a 7.3 percent increase from $275,000 in December 2012. The median condo price in 2013 increased a little more than 7 percent compared to 2012. The median condo price in 2013 was $296,000, up from $276,500 in 2012. The median condo price in Q4 2012 stood at $299,900, an increase of 9.25 percent from $274, 500 in the final quarter of 2012.