Mass. single-family home, condo sales drop year-over-year in May

SINGLE-FAMILY home sales and condominium sales fell in May compared with May 2014, according to The Warren Group. / COURTESY THE WARREN GROUP
SINGLE-FAMILY home sales and condominium sales fell in May compared with May 2014, according to The Warren Group. / COURTESY THE WARREN GROUP

BOSTON – Single-family home sales fell 2.6 percent in May on a year-over-year basis in the Bay State, marking the third time sales have declined this year, according to The Warren Group, publisher of Banker & Tradesman.
The Warren Group said 4,369 single-family homes were sold in May compared with 4,487 in May 2014.
“Most of these May closings went under agreement at the start of the spring selling season in March,” Timothy M. Warren Jr., CEO of The Warren Group, said in a statement. “We won’t see the peak sales numbers until the middle of summer in July.”

Year to date, sales have declined nearly 2 percent as 15,210 homes were sold compared with 15,494 during the year-ago period.

The median sales price of single-family homes in Massachusetts was $340,000 in May, unchanged from May 2014.
Year to date, prices rose 1.9 percent to $325,000 compared with $319,000 during the same period last year.
In Bristol County, single-family home sales dropped 15.7 percent in May to 252 compared with 299 a year earlier, as the median sales price declined 8.8 percent to $248,500 from $272,500 in May 2014.

Condominium sales fell 5.7 percent in May, with a total of 2,023 transactions completed compared with 2,146 in May 2014, marking the seventh consecutive month of decreases on a year-over-year basis.

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Year-to-date condo sales fell 6 percent, with 6,732 sales completed compared with 7,161 recorded during the same five-month period last year.

Condo prices increased slightly, climbing 2.2 percent in May, posting a median selling price of $327,000 compared with $320,000 in May 2014. Year-to-date, the median price of a condo also rose, recording a six-tenths of a percent increase to $307,000 from $305,000 in May 2014. May marked the third time the median selling price of a condo increased year-over-year in 2015, The Warren Group said.

Bristol County condo sales fell 39.7 percent in May to 47 from 78 a year ago, but the median sales price increased nearly 8 percent to $188,250 from $174,500.

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