RISMEDIA, May 6, 2010—Sales of single-family homes and condominiums in Massachusetts surged by double-digit percentages in March 2010 compared to a year earlier, while prices for both also continued to rise, according a new report by The Warren Group.
“We’re seeing a significant turnaround in the local housing market. Monthly home sales have been increasing year-over-year since last July and that has propped up the median selling price statewide,” said Timothy M. Warren Jr., CEO of The Warren Group, publisher of Banker & Tradesman. “The home buyer tax credit has been a wonderful impetus for the housing market. We hope that it has been a strong enough factor that consumers will continue entering the housing market.”
Single-family home sales jumped 27.6% to 3,162 in March from 2,477 in March 2009. Home sales in the first quarter escalated 17.5% to 7,310 from 6,223 in last year’s first quarter. It was the first increase in first-quarter home sales since 2004, according to The Warren Group.
The median price for single-family homes sold in March climbed 7.8% to $275,000 from $255,000 a year earlier. It was the fourth consecutive month that monthly home prices have risen year-over-year. The first quarter median selling price stood at $276,750, an 8.5% increase from $255,000 in the first quarter of 2009.
Condominium sales in March rose for the sixth straight month. Condo sales soared 33.4% to 1,515 from 1,136 in March 2009. A total of 3,448 condo sales transactions were recorded in the first three months of the year, a 22.9% increase from 2,805 a year earlier.
The median price for condos sold in March was $249,000, up 8.6% from $229,250 in March 2009. The first quarter median condo price jumped 10.7% to $243,500 from $220,000 during the prior year’s first quarter.
For more information, visit www.thewarrengroup.com.
