Massachusetts single-family home sales in May 2011 declined more than 25 percent compared to May 2010, The Warren Group, publisher of Banker & Tradesman reported June 28, 2011; however, the median price of a Massachusetts single-family home increased for the first time in 2011.
A total of 3,263 single-family homes sold in Massachusetts throughout May, down from 4,375 sales in May 2010. Year-over-year sales have decreased for four straight months, but May was the first month this year statewide sales exceeded 3,000.
The median price for a single-family home in Massachusetts rose to $304,000, up from $294,000 a year earlier. Prices have not been this high since August, when the median sale price was $316,500.
Year-to-date home sales are down nearly 19 percent. There were 12,731 sales through May, down from 15,683 sales during the first five months of 2010.
The median price for homes sold January through May was $279,300, down 2 percent from $285,000 in the prior year.
Condominium sales declined almost 38 percent from a year earlier. A total of 1,206 condos sold in May, down from 1,944 in May 2010. Year-to-date condo sales are down almost 30 percent, dropping to 5,072 from 7,223 during the same period last year.
Median prices for condos increased more than 13 percent in May. The median selling price was $290,964, up from $257,250 a year earlier. Year-over-year median sales prices also increased, rising to $260,000 in the first five months of the year, compared to $250,000 during the same period in 2010.