BOSTON – Single-family home sales in Bristol County, Mass., increased 4.9 percent year over year to 362 sales in April 2017 according to the Warren Group, bucking a statewide decline for the same period. The Boston-based real estate and financial information company reported 4,102 single-family home sales in the month for the Bay State, which represented a 45. percent drop.
At the same time, the median sale price of single-family homes in Bristol County rose 11.6 percent to $285,000. While an increase, this median price is well below the Massachusetts level for the month, as the median cost of a single-family home stood at $345,500, a 2.7 percent increase compared with April 2016.
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Condominium sales in Bristol County behaved inversely to the overall trends for Massachusetts in April, as the county’s 73 sales represented a 7.4 percent year-over-year increase, whereas condo sales across the state declined 1.1 percent to 1,705. And while the median price of a condo sold increased statewide 3.4 percent to $331,500, Bristol County saw the price of condos decline 2.6 percent year over year in April to $185,000.
Despite some positive signs in April for the residential market in Bristol County, the single-family and condo sales trends reflect a supply constriction that is increasing prices even as sales contract.
“The same issue is affecting both markets – a severe lack of inventory,” said Cassidy Murphy, The Warren Group’s editorial and media relations director in a statement. “Without listings, the number of sales is absolutely going to drop year over year, and prices will rise. A lot of factors contribute to the lack of inventory, but unless that situation changes, these trends are likely to continue.”
Chris Bergenheim is the PBN web editor.
