Dracut Single-Family Home Sales Dip Slightly; Condo Sales Stay Strong
Dec 10, 2016 11:34AM
● By Bill Gilman
(Editor's note: The following story is based on information provided by The Warren Group.)
There were 4,913 single-family homes sold in Massachusetts in October, compared to 5,138 in October 2015, a 4.4 percent decrease.
This marks only the second time in 2016 when the number of homes sold declined from the same month in the previous year. Year-to-date, sales are up by 10.8 percent with 50,561 homes sold through October 2016 compared with 45,648 sold during the same time last year.
In Dracut, the numbers were strikingly similar. There were 22 single-family homes sold in October, a drop of 4.3 percent from October 2015. Through the first 10 months of 2016, 305 single-family homes have been sold locally, an increase of 35 percent over the same period in 2015.
The median sale price of a single-family home in October in Massachusetts reached $340,000, a 3.7 percent increase from $327,750 last year. Year-to-date prices are up 1.7 percent from last year, with a median sale price of $346,000.
In Dracut, the median sale price of a single-family home in October was $292,450, an increase of 0.8 percent over October 2015.
“Homes sales in the first half of 2016 were gangbusters,” said Timothy Warren, CEO of The Warren Group. “So far in the second half of the year, slows have slowed a bit and even declined in two of the four months. It is still too early to tell if demand has waned or whether low inventory leaves prospective homebuyers with too few choices. With interest rates expected to rise before year-end, we may see a steady, but not booming market this winter.
The number of condos sold in October decreased by 2.8 percent, with 1,886 sold compared with 1,940 sold in October 2015. Year-to-date, condo sales have increased by 7.7 percent to 20,001 condos sold compared with 18,564 in the same timeframe last year.
In Dracut, 16 condo units were sold in October, a jump of 45.5 percent over October 2015. Through the first 10 months of 2016, 150 condo units have been sold locally, a whopping increase of 40.2 percent over the same period in 2015.
For condominiums the October median sale price reached $315,000, a 1.6 percent increase from $310,000 in the same month last year. Year-to-date, condo prices are up 4.7 percent with a median sale price of $330,000 compared with $315,000 in the same time period last year.
In Dracut, the median sale price of a condo unit in October was $170,000. That's a healthy increase of 8.6 percent over October 2015.