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Home Sales Slow As Prices Rise In Dracut, Tewksbury

Jul 28, 2017 02:28PM ● Published by Bill Gilman

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 (Editor's Note: The following information is based on a press release from The Warren Group.)

The median prices of single-family homes and condominiums in Massachusetts rose to their highest point on record for the month of June, according to a new report from The Warren Group, publisher of Banker & Tradesman.

The median sale price of a single-family home in June increased 6.2 percent to $395,000, well beyond last June’s $372,000. This marks 15 straight months of year-over-year price increases going back to April of 2016, and the second straight month of record-breaking price points. The median price has jumped 6.3 percent (from $338,650 to $360,000) through the first six months of 2017.

The statewide trend is mirrored in soaring home prices in Tewksbury and Dracut.

In Tewksbury, the median sale price for single-family homes sold in June jumped to $405,000, up 5.19 percent from May. Through the first six months of the year, the median price for single-family homes sold was $397,950, up 4.72 percent over the same period in 2016.

In Dracut, the median price for homes sold in June was $343,500, up 7.34 percent over May. through the first six months of the year, the media price for single-family homes sold was $327,450, up a whopping 10.25 percent over the same period in 2016.

There were 7,472 single-family homes sold in Massachusetts in June, edging out the 7,396 in June 2016 for a 1 percent increase. This is the highest sales total since June of 2004.

Year-to-date, single-family home sales were up 0.7 percent through June compared to the same period in 2016 (from 27,000 to 27,184), 

While the pace of sales continues to tick upward around the state, sales have dropped off significantly in Tewksbury and Dracut.

In Tewksbury, there were 33 single-family homes sold in June, down from 39 (15.38 percent) from May. Through the first six months of the year, there have been 120 homes sold, down 12.41 percent over the same period in 2016.

In Dracut, there were 38 single-family homes sold in June, down slightly (7.32 percent) from the 41 sold in May. Through the first six months of the year, 120 homes have been sold. That's down a whopping 25.47 percent over the same period in 2016.

“The rise in median price and total sales will surprise nobody, considering the trajectory that these statistics have been on all year,” said Timothy Warren, CEO of The Warren Group. “However, the fact that the median is just a hair under $400,000 is unprecedented, and perhaps worrisome. The growth in the number of home sales has slowed due to the the fact that so few homes are for sale. Prices are being driven up, but are they sustainable?”

There were 3,007 condominiums sold in June 2017, compared to 2,848 last year – an increase of 5.6 percent. The median sale price rose by 3.6 percent, hitting $357,500.

“Several hundred new condo units have come online recently in Boston,” said Cassidy Murphy, Editorial and Media Relations Director of The Warren Group. “Those units were almost all immediately snapped up and inventory levels remain low, driving up prices across the Greater Boston area. Other parts of the state are seeing similarly low inventory levels and rising prices.”

Year-to-date condo sales were up 7.5 percent through June compared to the same period in 2016 (from 10,699 to 11,500, while the median price was up 5.6 percent over the same period (from $321,000 to $339,000).

In Dracut, there were 25 condo units sold in June, up slightly from the 23 sold in May. Year to date, there have been 96 units sold, up 21.52 percent over 2016.

The median sale price of a Dracut condo sold in June was $190,000, up a substantial 15.85 percent over May ($164,000). Year to date, the media sale price has jumped 12.74 percent over 2016 to $185,450. 

In Tewksbury, there were 22 condo units sold in June, up from 21 in May. Year to date, however, the 70 units sold over the first six months of the year are  down 7.89 percent from the same period in 2016.

The median sale price on the condos sold in June was $304,625, down ever so slightly from $306,500 in May. Year to date, the median sale price on Tewksbury condos is $305,625, up from $284,950 (7.26 percent) over the same period in 2016.


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