Published in the May 24, 2016 edition.
WAKEFIELD – Single-family home sales in Wakefield were even better than an excellent showing across the state in April, another sign that the housing market is on the move again.
Single-family home sales in Massachusetts rose by 34.7 percent in April, according to a new report from The Warren Group, publisher of Banker & Tradesman. In Wakefield, they were up 50 percent over April of last year.
There were 4,278 single-family homes sold statewide in April, compared with 3,176 in April 2015. Year-to-date, sales were up by 31.1 percent with 14,257 homes sold in the first four months of 2016 compared with 10,876 sold during the same time last year.
In Wakefield, 15 single-family homes sold in April 2016, up from 10 sold in the same month a year ago. Year-to-date, sales in Wakefield were up 41 percent; 52 houses have been sold so far in 2016, compared with 37 to this point in 2015.
The median sale price of a single-family home in Massachusetts in April increased by 3.9 percent to $336,850 from $324,250 last year. Year-to-date prices remained flat, with a median sale price of $320,000 down 0.3 percent from the same period in 2015.
The median sale price of a single-family home in Wakefield in April was up 27 percent from 2015. Last month’s median sale price was $525,000; in April 2015 it was $415,000.
“Sales are soaring,” said Timothy M. Warren Jr., CEO of The Warren Group. “April’s percentage gain is the best of any month in four years and we have to go back to 2005 to find any April with more homes sold. Buyers are out in force while prices remain below their peak in many communities. And threats of rising interest rates are pushing everyone to close their deals soon.”
State-wide, condominium sales for the month rose by 18.6 percent, with 1,722 condos sold compared with 1,452 sold in April 2015. This marked the 11th consecutive month of increases in condo sales. Year-to-date, condo sales increased by 23.8 percent to 5,699 condos sold compared with 4,604 in the same timeframe last year.
Condo sales in Wakefield were not as good, down last month by 38 percent over April 2015. The year-to-dale sales are off too, with 13 condos sold in Wakefield so far in 2016, down from 21 at this time in 2015.
The median condo price in the Bay State increased by 7.9 percent to $321,000 compared with $297,250 in the same month last year. Year-to-date, condo prices were up 2.7 percent to a median sale price of $303,000 compared with $295,000 in the same time period last year.
In Wakefield, the median sales price of a condo was $250,251 in April, also down from the $255,000 median sales price in April 2015. Year-to-date, the median sales price of a condo in town is $244,900, down from $295,000 at this point last year.
The Warren Group offers a range of real estate products, information services and printed publications, including Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers.