Sales of single-family homes and condominiums in Massachusetts surged by double-digit percentages in March compared to a year earlier, while prices for both also continued to rise, according a new report by The Warren Group.
“We’re seeing a significant turnaround in the local housing market. Monthly home sales have been increasing year-over-year since last July and that has propped up the median selling price statewide,” said Timothy M. Warren Jr., CEO of The Warren Group, publisher of Banker & Tradesman. “The homebuyer tax credit has been a wonderful impetus for the housing market. We hope that it has been a strong enough factor that consumers will continue entering the housing market.”
Single-family home sales jumped 27.6 percent to 3,162 in March from 2,477 in March 2009. Home sales in the first quarter escalated 17.5 percent to 7,310 from 6,223 in last year’s first quarter. It was the first increase in first-quarter home sales since 2004, according to The Warren Group.
The median price for single-family homes sold in March climbed 7.8 percent to $275,000 from $255,000 a year earlier. It was the fourth consecutive month that monthly home prices have risen year-over-year. The first quarter median selling price stood at $276,750, an 8.5 percent increase from $255,000 in the first quarter of 2009.
Condominium sales in March rose for the sixth straight month. Condo sales soared 33.4 percent to 1,515 from 1,136 in March 2009. A total of 3,448 condo sales transactions were recorded in the first three months of the year, a 22.9 percent increase from 2,805 a year earlier.
The median price for condos sold in March was $249,000, up 8.6 percent from $229,250 in March 2009. The first quarter median condo price jumped 10.7 percent to $243,500 from $220,000 during the prior year’s first quarter.