BOSTON – In April, the median selling price for a single-family home in Massachusetts fell to $265,000, the state’s lowest April median price since 1990, according to data released today by The Warren Group, a real estate tracking firm.
Statewide, the median price fell year over year by 13.1 percent, dropping from $305,000 in April 2008. In Bristol County, the median price fell 7.97 percent, dropping to $239,000 from $260,242.
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The number of homes sold fell statewide from 3,196 to 2,731, representing a 14.5 percent decrease. In Bristol County, April homes sales fell to 204 single-family homes, a 22.43 percent fall from the 263 sold in the same 2008 month.
“April turned out to be a disappointing month for sales volume of both single-family homes and condos,” CEO Timothy M. Warren Jr. said in a statement today. “We are expecting that the combination of low mortgage interest rates, a first-time homebuyer tax credit and low home prices would stimulate sales. Consumers are dealing with job losses, pay cuts and heavy debt, and it appears that it is affecting their home-buying decisions.”
Bay State condominium sales plummeted 31.1 percent, dropping to 1,178 from 1,711 sales. In Bristol County, condo sales were down to 44 for the month, representing a 32.31 percent drop from the 65 condos sold in April 2008.
The statewide median price of condos sold last month fell 11.1 percent to $239,900 from $270,000. Bristol County’s median price fell 15.53 percent, dropping from $206,000 to $174,000.
“Our data reflect sales that were recorded in April. These sales were negotiated in February and March, which is the very beginning of the spring selling season,” Warren said. “We are hopeful that in the remainder of the spring selling season sales volume will rebound. This would be the first sign that the market is starting to recover.”
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at TheWarrenGroup.com.
