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Single-Family Home, Condo Prices Surge in February In Dracut And Tewksbury

Apr 05, 2018 06:08AM ● By Bill Gilman

Homes Sold.

 Massachusetts single-family home prices increased significantly in February, while sales edged lower on a year-over-year basis, according to a new report from The Warren Group, publisher of Banker & Tradesman.

The statewide numbers were reflected locally, as both Dracut and Tewksbury saw significant spikes in prices. However, both towns also saw an uptick in sales, also.

Last month, there were 2,578 single-family home sales recorded in Massachusetts, a 2.5 percent dip from February 2017. Year-to-date, there have been 6,187 single-family home sales across Massachusetts. Concurrently, the median single-family sale price increased 6.4 percent to $340,000, up from $319,500 a year earlier.

“This most recent gain marks 23 consecutive months of year-over-year median home price gains, and there’s no sign that they’re slowing down,” said Tim Warren, CEO of The Warren Group. “In addition to the impressive gain in single-family home prices, median condo prices also saw a 17.6 percent spike from February 2017 to $350,000.”

In Dracut, 11 single-family homes were sold in February, up slightly from 10 in Feb. 2017. Through the first two months of the year, 31 homes have been sold, up from 22 over the first two months of 2017. The median sale price of the homes sold in February was $345,000, up a whopping 39.4 percent over the median sale price in Feb. 2017. Through the first two months of the year, the median sale price has been $325,000, up a solid 19.5 percent over the same time period in 2017.

In Tewksbury, 17 homes were solid in February, up 13.3 percent from Feb. 2017. Through the first two months of the year, 35 homes have been sold, up 20.7 percent over the same period in 2017. The median sale price of the homes sold in Tewksbury in February was $375,000, up 8.7 percent over Feb. 2017. Through the first two months of the year, the median sale price has been $354,900.

The median condo price increase was accompanied by 1,163 condo sales – a 3.1 percent hike from February 2017. Year-to-date, there have been 2,606 condo sales across the state.

In Dracut, just six condo units were sold in February, down 40 percent from Feb. 2017. Through the first two months of the year, 16 condo units have been down 5.9 percent from the same period in 2017. The median sale price on the condo units sold through the first two months of the year has been $203,000, up a healthy 9.1 percent over the same period in 2017.

In Tewksbury, just five condo units were sold in February, down 28.6 percent from Feb. 2017. Through the first two months of the year, only eight units have been sold, down a full 50 percent over the same period in 2017. The median sale price of the condos sold in February was $332,000, up 18.6 percent from Feb. 2017. Through the first two months of the year, the median sale price on condos in Tewksbury has been $332,000, up a solid $17.5 percent over the same period in 2017.

Tim Warren discusses this month's sales data in his podcast.


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