RISMEDIA, April 1, 2010—The median price for single-family homes sold in Massachusetts during the month of February 2010 jumped 8.4% compared to a year earlier, the third consecutive month of year-over-year increases in prices, according to a new report from The Warren Group, publisher of Banker & Tradesman. The uptick in home prices comes as single-family home sales escalated 13.5% in February.
“The local housing market has definitely gained momentum in the last few months as single-family home sales have risen year-over-year for eight months in a row. The increase in sales volume has helped fuel pretty significant gains in median prices over the last three months,” said Timothy M. Warren Jr., CEO of The Warren Group.
Warren added, “There’s growing confidence in the housing market. Historically, median prices have increased after consistent gains in sales volume, but there is real concern about what will happen to home sales once the federal government withdraws its support of the housing sector, including ending the home buyer tax credit.”
The median price for a single-family home climbed to $269,950 from $249,000 in February 2009. The year-to-date median home price is up 9.8% to $280,000 from $255,000.
Median prices increased in most regions, with the exception of the western part of Massachusetts. The median selling price in February fell in Franklin, Hampden and Hampshire counties.
In Franklin County, the median home price slipped 7.2% to $165,500 in February from $178,250 in February 2009. Hampden County’s median home price fell 6.3% to $150,000 from $160,000 during the same period, while Hampshire County’s median home price dipped 3.9% to $218,500 from $227,250.
Statewide, single-family home sales shot up 13.5% to 2,066 in February from 1,820 in February 2009. A total of 4,143 single-family home sales transactions were recorded in the first two months of the year, a 10.6% increase from 3,746 in the same months in 2009.
February condominium sales also increased, posting the sixth consecutive month of year-over-year gains. There were 939 condo sales in February, up 8.9% from 862 the prior year. Year-to-date condo sales surged 15.7% to 1,931 from 1,669 last year.
The median price for condos sold statewide in February increased 6.8% to $235,000 from $220,000. February was the fourth straight month that median prices have risen when compared to a year earlier. The median selling price for condos sold in January and February was $240,000, 10.6% higher than the $217,000 median price recorded a year ago.
For more information, visit www.thewarrengroup.com.
