The number of Massachusetts home sales in April 2016 was the most single-family homes sold in any April since April 2005, The Warren Group, publisher of Banker & Tradesman, reported May 24, 2016.
“Sales are soaring,” Timothy M. Warren Jr., CEO of The Warren Group, said. “April’s percentage gain is the best of any month in four years and we have to go back to 2005 to find any April with more homes sold. Buyers are out in force while prices remain below their peak in many communities. And threats of rising interest rates are pushing everyone to close their deals soon.”
The median sale price of a single-family home in Massachusetts increased 3.9 percent in April to $336,850 from $324,250 in April 2015; however, the median price was flat through April, declining 0.3 percent to $320,000.
Condominium sales for the month increased 18.6 percent, with 1,722 condos sold compared to 1,452 sold in April 2015. Condo sales increased for the 11th consecutive month in April. From January through April, condo sales increased 23.8 percent to 5,699 units sold compared to 4,604 during the same period last year.
The median condo price in Massachusetts increased 7.9 percent to $321,000 compared to $297,250 in April 2015. Through April condo prices increased 2.7 percent to a median sale price of $303,000 compared to $295,000 during the first four months of 2015.
Massachusetts real estate inventory remained tight, according to data compiled by the Massachusetts Association of Realtors. The number of single-family homes declined 21.5 percent and for the 51st straight month. The number of available condominium units decreased 22.4 percent statewide and for the 64th straight month.