Dracut Home Sales Continue To Slide
May 11, 2017 07:41AM
By Bill Gilman
Massachusetts single-family home sales in March were the highest for the month since March 2006, according to a new report from The Warren Group. Meanwhile, median price for single-family homes reached the highest point for the month of March since 2007.
There were 3,943 single-family homes sold in the Bay State in March, compared to 3,701 in March 2016, a 6.5 percent increase year-over-year. This is highest March number since 4,158 sales recorded in March 2006.
Year-to-date, single-family home sales were up 2.2 percent in the first quarter compared to the same period in 2016, while the median price was up 7.2 percent.
But even as the Massachusetts real estate market boomed, home sales in Dracut slumped significantly. In March, just 15 single family homes sold in Dracut, down 34.8 percent from March 2016. Through the fist three months of the year, just 37 homes have been sold in Dracut, down 43.1 percent compared to the same period in 2016.
The median Massachusetts single-family home price reached $335,500, a 6.5 percent increase from $315,000 in March 2016. This is only slightly below March 2007’s median of $340,000, among the highest peaks in the years leading up to the recession.
That said, the average sale price for the homes sold in March was $297,400, an increase of 6.2 percent. Through the first three months of the year, the average sale price in Dracut was $290,000, an increase of just 1.76 percent.
“Increasingly, we’re having to go back at least a decade to see sales and median prices at the level they’ve hit lately, and March is a perfect example,” said Timothy Warren, CEO of The Warren Group. “As the spring market ramps up, we’re going to see these numbers climb, likely to levels at or even above those of the mid-2000s.”
1,853 condominiums were sold in March – an increase of 23.6 percent from March 2016. This is the second straight March that has shown a more than 20 percent year-over-year increase, with March 2016 jumping 26 percent compared to 2015.
Year-to-date, condo sales were up 11.8 percent compared to the same period in 2016, while the median price was up 8.5 percent.
In Dracut, 14 condos were sold in March, exactly the same number sold in March 2016. Through the first three months of the year, 31 condo units have been sold in Dracut, down 8.8 percent from the same period in 2016.
Condo sale prices have averaged $177,000 through the first three months of the year, an increase of 19.2 percent over the same period in 2016.
“Condos continue to be a popular means of homeownership around the state, and the numbers reflect that,” said Cassidy Murphy, Editorial and Media Relations Director of The Warren Group. “It helps that we’ve had two mild winters in a row, allowing construction to move along swiftly, much to the delight of developers. It seems we’re seeing a lot of those units come online at the outset of this year’s spring market, which is sure to be hot.”