Dracut, Tewksbury Home Sales Mixed, While State Market Soars
Jan 17, 2018 05:23AM
By Bill Gilman
Massachusetts home sales surged last month, reaching the highest number of transactions recorded for November on record, according to a new report from The Warren Group, publisher of Banker & Tradesman.
But locally, the numbers weren't nearly so impressive in Dracut and Tewksbury, both of which saw sharp declines in some categories.
Last month, there were 5,124 total sales recorded in Massachusetts, a 1.2 percent increase from November 2016, which brought the year-to-date total number of sales to 55,968. Year-to-date, single-family home sales were up 0.4 percent through November compared to the same period in 2016 (from 55,760 to 55,968).
In Dracut, there were 24 single-family homes sold in November, a drop of 14.3 percent over Novermber 2016. Year-to-date, just 266 homes have been sold in Dracut. That's down 20.1 percent over the same period in 2016.
In Tewksbury, single-family home sales jumped by 25 percent over November 2016, with 30 units being sold. Year-to-date, 283 homes have been sold in Tewksbury. That's down a meager 2.3 percent over the first 11 months of 2016.
The median single-family sale price for a Massachusetts home in November increased 5.7 percent to $369,000, up from $349,000 a year earlier. This marks 20 straight months of year-over-year price increases going back to April 2016. Meanwhile, the month-over-month median price rose 2.5 percent from $360,000 in October 2017.
In Dracut, the median price of a home sold through Nov. 30, 2017 was $325,000, up 7.6 percent over the previous year. In Tewksbury, year-to-date, prices have jumped 5.9 percent, up to a median of $404,900.
“Despite decades of data points showing a significant slowdown in real estate transactions during the fall and winter months, the Massachusetts housing marketing continues to perform at an impressive rate,” said Cassidy Murphy, editorial and media relations director of The Warren Group. “As we’ve seen in previous months, the state’s unique dynamic between supply and demand continues to push prices to record highs.”
Additionally, there were 2,152 condominiums sold in November 2017, compared to 1,966 in November 2016 – an increase of 9.5 percent. The median sale price rose by 4.8 percent, hitting $351,025 – the highest November median condo price in Massachusetts since 2005.
Year-to-date condo sales were up 4.3 percent through November compared to the same period in 2016 (an increase from 22,011 to 22,965), while the median price was up 3.2 percent over the same time (from $330,000 to $340,500).
In Dracut, condo sales in November were unchanged, with 14 units sold. Through Nov. 30, 174 units have been sold, up 6.1 percent. The median sale price of $186,000 is up 10.4 percent over 2016.
In Tewksbury, just 15 condo units were sold in November, down a whopping 50 percent from November 2016. For the year, 154 units have been sold. That's a drop of 16.3 percent. However, the median sale price has increased 6.3 percent to $307,000.