Local Home, Condo Prices Continue To Climb In July
Aug 29, 2017 06:48AM
By Theresa Gilman
The median sale price for a single-family home hit its highest point on record for any July in history, according to a new report from The Warren Group, publisher of Banker & Tradesman.
The median sale price of a single-family home in July increased 3.7 percent to $382,500, up from $369,000 last year. This marks 16 straight months of year-over-year price increases going back to April of 2016.
In Tewksbury, the median price for homes sold in July was $445,500, up a whopping 20.42 percent over July 2016 ($369,950). Through the first seven months of 2017, the median price for homes sold in Tewksbury was $401,750, up 5.72 percent from the median of $380,000 over the same period in 2016.
Prices are also soaring in Dracut, where the median price for homes sold in July was $348,500, up a healthy 14.64 percent over July 2016 ($304,000). Through the first seven months of 2017, the median price for homes sold was $330,000, up 10.74 percent from a median of $298,000 over the same period in 2016.
“Unsurprisingly, July’s median price surpassed all records for that month,” said Timothy Warren, CEO of The Warren Group. “Though substantially less than last month’s all-time high of $395,000, July’s price shows the same trend of an upward trajectory. Despite a low inventory of homes for sale, the market keeps climbing.”
There were 6,280 single-family homes sold in in Massachusetts July, edging out the 6,236 in July 2016 for a 0.7 percent increase.
Year-to-date, single-family home sales were up 0.7 percent through July compared to the same period in 2016 (from 33,236 to 33,464), while the median price jumped 5.5 percent (from $345,000 to $364,000) over that period.
In Tewksbury, sales rebounded in July, with 34 single-family homes sold, up from 26 (30.77 percent) in July 2016. Through the first seven months of 2017, however, sales are still 5.52 percent behind the 2016 pace (154 compared to 163).
In Dracut, the market, as a whole, is still dragging. Just 28 single-family homes were sold in July, a drop of 17.65 percent from the 34 that were sold in July 2016. Through the first seven months of 2017, just 148 homes have been sold. That's down a substantial 24.10 percent from the 195 sold over the same period in 2016.
There were 2,401 condominiums sold in July 2017, compared to 2,364 last year – an increase of 1.6 percent. The median sale price rose by 2.6 percent, hitting $359,000 – also the highest on record for July.
In Dracut, the condo market rode a summer heat wave in July, with 19 units sold, compared to just 12 in July 2016. The media sale price of those units was $185,000, up 12.12 percent over 2016.
In Tewksbury, 19 units were sold in July, the same number as in July 2016. The median sale price on those units was $320,000, up 16.36 percent from the median of $275,000 in July 2016.
“The condo market continues its steady growth, and the median price of a condo now rivals that of a single-family home,” said Cassidy Murphy, Editorial and Media Relations Director of The Warren Group. “Part of the slower but still steady growth is due to the relative ease of condo construction and the recent (though still inadequate) increase in supply.”
Year-to-date condo sales were up 6.4 percent through July compared to the same period in 2016 (from 13,063 to 13,911), while the median price was up 3.8 percent over the same period (from $327,500 to $340,000).