BOSTON – The median price of a single-family home in Bristol County, Mass., increased 8.1 percent year over year in August, from $295,000 to $318,750, according to The Warren Group Wednesday. There were 548 sales in the county for the month, a 9.6 percent increase from August 2017.
Year to date, the number of single-family home sales in Bristol County increased 0.4 percent to 3,229 through August. The year-to-date median sale price was $300,000, compared with $289,900 one year prior. The median single-family home price across Massachusetts increased 5.8 percent year over year in August to $402,000, while the year-to-date median sale price increased 6.4 percent to $389,550.
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“The median single-family sale price has increased on a year-over-year basis every month so far this year, which is a clear indicator that the shrinking inventory is continuing to push prices higher,” said Timothy Warren Jr., CEO of The Warren Group, in a statement. “The median price is usually at its highest in the summer months. I doubt it will continue over $400,000 in the coming months, but it is clear that strong demand is pushing prices to new records this year.”
There were 6,818 sales in August in the Bay State, a 0.8 percent increase year over year. Year to date, Massachusetts single-family home sales totaled 40,035 through the first eight months of the year, a 0.6 percent decline year over year.
There were 108 condominiums sold in Bristol County, Mass., in August, a seven-unit increase from August 2017. The median sale price was $210,000, a 13.5 percent increase from a year earlier. Year to date, the county had 658 condo sales, compared with 630 one year prior, with a median sale price of $216,750, an 8.4 percent increase from August 2017.
The median sale price of a Massachusetts condo was $365,000 in August, reflecting a 6.9 percent increase year over year. Year to date, the median sale price of a condo on the Bay State was $375,000, an increase from $340,500 at that time in the year prior.
“The rise in the condo median price has outpaced the rate of increase in single-family homes this year due to newer, more expensive units being delivered to the market,” Warren noted.
Condo sales in Massachusetts declined 1.1 percent year over year in August to 2,618 sales. Year-to-date condo sales in Massachusetts still increased year over year, totaling 16,986 sales, compared with 16,559 through the same 2017 period.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim @PBN.com.
