Massachusetts Home Buyer Guide

The median price of a single-family home in Massachusetts increased 10.6 percent to $340,000 in August 2013, The Warren Group reported September 24, 2013. 

Last August the median price of a single-family home stood at $307,500. Median prices for single-family homes have increased 11 straight months. Through August 2013, the median price was $325,000, an increase of more than 12 percent from $290,000 during the first eight months of 2012.

The median price of a condo in Acton, Massachusetts increased nearly 19 percent in July to $264,000 from $222,000 in July 2012, according to data provided by The Warren Group. 

Through the first seven months of 2013, the median price of a condominium in Acton increased nearly 65 percent from $222,000 last January through July to $366,300 this year. 

Depending on your perspective, Massachusetts home buyers continued to purchase homes in July despite, or because of, rising mortgage interest rates. Mortgage interest rates began to rise in May and currently are about 1 percent higher than three months ago. 

The median price of a single-family home in Massachusetts increased 12 percent during the first six months of the year compared to the same period in 2012, The Warren Group, publisher of Banker & Tradesman, reported July 23, 2013.

The median price of a single-family home during the first half of the year stood at $315,000, up from $281,000 during the first half of 2012. Home prices increased almost 9 percent in June to $350,000, up from $321,800 in June 2012. June marked the ninth consecutive month of year-over-year home price increases, and the highest median price since August 2007. Quarterly home prices increased more than 10 percent to $330,000, up from $299,700 during the second quarter 2012.

The number of homes listed for sale across the U.S. increased by 4.3 percent in June to 1.9 million homes, the highest level in the last year, Realtor.com reported July 15, 2013. 

Nationally, the number of homes listed for sale stood 7.3 percent below year ago levels; however, the year-over-year decline stood at 18.6 percent in February 2013. June was the sixth straight month real estate inventories rose. 

Boston homeowners didn't get the memo.

A couple of weeks ago two Buyers Brokers Only, LLC home buyers closed on Massachusetts homes on consecutive days with fixed, 30-year mortgage interest rates of less than 3.5 percent. One couple were first-time home buyers and the other couple were moving to a newer, more modern, home.

Mortgage interest rates may not be that low again in their lifetime; however, not everyone thinks it is a bad thing for the real estate market, especially hot markets, such as in Greater Boston, where home prices have been rapidly rising over the past year and real estate inventory is tight.  

While the media and the real estate industry earlier this week trumpeted the fact that single-family home sales reached the highest level since 2006 in May 2013 the more important number for Massachusetts home buyers is the jump in the median price of homes compared to May 2012.

After reports last year about how affordable homes were historically speaking, the Massachusetts real estate market heated up. Now that home prices have increased and mortgage interest rates have begun to rise recently home buyers, especially first-time home buyers, are feeling squeezed in a market still lacking sufficient inventory.  

While the median price of a single-family home increased 10.5 percent statewide in April 2013 Walpole, Massachusetts saw its median price for a single-family home decline 20.4 percent, according to data from the Massachusetts Association of Realtors (MAR).

The median price of a single-family home in Walpole, MA stood at $410,000 in April 2013, down from $515,000 in April 2012. During the first four months of 2013, the median price of a single-family home declined 14.4 percent, from $450,000 in 2012 to $385,000. 

The median price of a single-family home in Shrewsbury, Massachusetts increased 14.2 percent in April compared to April 2012 while sales increased nearly 44 percent, according to data compiled by the Massachusetts Association of Realtors. 

The median price of a single-family house in Shrewsbury increased from $300,000 in April 2012 to $342,500 in April 2013. Through the first four months of 2013, median price rose 9.7 percent, from $300,000 in 2012 to $329,000. 

The median price of a single-family home in Haverhill, Massachusetts increased 32.7 percent in April, climbing from $209,900 in April 2012 to $278,500, according to data provided by the Massachusetts Association of Realtors. 

Through the first four months of the year, the median price of a single-family home in Haverhill increased 25.6 percent. The median price increased from $215,000 during the first four months of 2012 to $270,000 for the same period in 2013. The lack of real estate inventory played a role in the home price increase. In April, inventory declined 17.9 percent compared to April 2012; however, new listings did increase 5.7 percent.

As expected, the median price for single-family homes in Massachusetts increased in April; however, the big story for home buyers is the increase in new homes for sale across the state. 

New single-family home listings added to the market in April 2013 increased 12.7 percent compared to the same time last year (9,350 new listings in April 2013 cpmpared to 8,294 listings in April 2012). There was a 44 percent increase in new homes for sale from the 6,468 listings added to the market in March 2013. April saw the biggest increase in new home listings since April 2010, the Massachusetts Association of Realtors reported May 29, 2013. 

Single-family home prices in Wilmington, Massachusetts increased more than 16 percent in March to $377,629 compared to March 2012, the WilmingtonPatch reported May 6, 2013. 

Wilmington, MA had 18 single-family homes sold in March, the same total that sold in March 2012. In the first quarter, 45 single-family homes sold in Wilmington, down from 46 during the same time period in 2012.