Published in the June 28, 2016 edition.
BOSTON — Wakefield’s bustling housing market continues to mirror advances being made each month across the state, according to The Warren Group, publisher of Banker & Tradesman.
Single-family home sales in Massachusetts rose by 20.9 percent in May, according to a new report from The Warren Group.
There were 5,297 single-family homes sold in the Bay State in May, compared with 4,382 in May of 2015. Year-to-date, sales were up by 28.2 percent with 19,554 homes sold in the first five months of 2016 compared with 15,258 sold during the same time last year.
In Wakefield, there were 20 single-family homes sold last month, compared to 19 sold in May 2015. Year-to-date, there have been 72 single-family homes sold, a 29 percent increase over the 56 homes sold to this point last year.
The median sale price of a single-family home in May was $347,000, a $7,000 increase from $340,000 last year, the highest median sale price in eight months. Year-to-date prices remained flat, with a median sale price of $325,500, up 0.2 percent from the same period in 2015.
Wakefield’s median single-family home sale price in May was $480,500, compared to $460,000 a year ago. Year-to-date prices in town are up two percent over 2015: $460,000.
“Sales volume continues to be very strong,” said Timothy M. Warren Jr., CEO of The Warren Group. “We have seen gains of 20 percent or better every month this year. And for the past 12 months we have recorded double-digit increases. Home buyers are out in force and deals are getting done.”
Condominium sales for the month rose by 9.0 percent, with 2,146 condos sold compared with 1,969 sold in May of 2015. This marked the 12th consecutive month of increases in condo sales. Year-to-date, condo sales increased by 19.4 percent to 7,845 condos sold compared with 6,573 in the same timeframe last year.
The median condo price in the Bay State increased by 4.4 percent to $335,000, compared with $321,000 in the same month last year. Year-to-date, condo prices were up 3.2 percent to a median sale price of $310,000 compared with $300,450 in the same time period last year.
In Wakefield, 21 condos were sold last month, up 250 percent from the six sold in May 2015. So far in 2016, 34 condos have been sold in town; at this point last year, 27 had been sold.
The median sale price of a condo in Wakefield was $395,000 last month. In May 2015, it was $346,000.
