The median price of a single-family home in Bridgewater, Massachusetts increased in both July and through July 2016, according to data compiled by the Massachusetts Association of Realtors.
The median home price in July jumped 25.8 percent to $389,900 compared to $310,000 in July 2015. Through the first seven months of 2016, home prices increased 8.9 percent to $353,950 from $324,900 during the same time frame last year. Homebuyers paid on average 97.3 percent of the original list price in July and 96.6 percent of the original list price through July.
The number of single-family homes sold increased by three to 31 in July. From January through July 128 houses sold compared to 116 during the same period last year, an increase of 10.3 percent. Pending home sales – properties under agreement that have yet to close – increased from 19 in July 2015 to 25 this past July.
Single-family home inventory in Bridgewater shrank in July. The number of homes on the market decreased 18.6 percent to 48 houses compared to 59 available homes in July 2015. Months supply of inventory declined 25.7 percent to 2.6 months. About six months supply of inventory is considered a balanced market between homebuyers and sellers. New listings increased 17.2 percent in July to 34 homes.
There were only five condominiums sold in Bridgewater in July, the same number as July 2015. The median condo price was $239,900 in July. Through July the median price was $163,850 on 28 units sold. Homebuyers on average paid 95.6 percent of the original list for condos in July and 96.5 percent of the original list price through July.
Available condominiums declined 50 percent in July to 5 units, and months supply of inventory decreased 54.8 percent to 1.4 months.