Sales of both Massachusetts single-family homes and condominiums rose in August 2012, marking the seventh straight month both property types posted a year-over-year increase, The Warren Group, publisher of Banker & Tradesman, reported September 25, 2012.
A total of 5,118 single-family homes sold in Massachusetts in August, a 20 percent increase from 4,262 sales in August 2011. August was the second time single-family home sales surpassed the 5,000 mark in 2012. Year-to-date sales are up 24 percent at 31,733, compared to 25,581 during the same period a year ago.
As long as economic growth does not slow, the housing market should steadily keep improving. Prices are flat, but that is beginning to change, especially in popular communities. In six to 12 months, home buyers may be wishing they started their home search now.
The median price of single-family homes increased 1.6 percent to $310,000 in August, up from $305,000 a year earlier. The increase in median price in August marks the third straight month that median price exceeded $300,000. The median price for homes sold January through August 2012 was $290,000, down 1.7 percent from $295,000 in the prior year.
In August, condominium sales statewide increased 40 percent, continuing the significant sales volume increase throughout much of this year. A total of 2,432 condos sold in August, up from 1,736 a year ago. Year-to-date condo sales are up nearly 28 percent, rising to 13,040 from 10,173 during the same period last year.
The median condo price dropped 4.3 percent in August to $279,000, down from $291,513 a year earlier. The year-to-date median price of condos in the Bay State is $279,900, up almost 2 percent from $275,000 a year ago.
As prices creep up for single-family homes in popular communities, many first-time home buyers are considering the condo market again.