New housing construction on Water Street (Frank Conte File Photo)
WAKEFIELD — The median price of single-family homes sold in Wakefield last month outpaced that of April 2022, according to a report from The Warren Group, a leading provider of real estate and transaction data.
Last month, 11 single-family homes sold for a median price of $695,000, up from the $670,000 median price fetched by the 23 single-families sold in town during April a year ago.
To date, 33 single families sold in Wakefield through the end of April for a median price of $679,900. Through the same time last year, 51 single families had sold for a median price of $656,000.
Across the commonwealth, The Warren Group reports, the median sale price for both single-family homes and condominiums declined in April as the lack of inventory and elevated interest rates continued to weigh on market activity.
Last month, there were 2,897 single-family home sales in Massachusetts, a 25.3 percent decrease from April 2022 when there were 3,877 transactions. Meanwhile, the median single-family sale price declined on a year-over-year basis for the first time since 2018, falling 1.2 percent to $553,500, down from $560,000 in April 2022.
“In the ever-evolving landscape of the Massachusetts housing market, April saw a notable decline in sale prices, the first time the median sale price decreased in five years,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “Limited housing inventory was a persistent hurdle, constraining buyer options and intensifying competition. The scarcity of available properties may have prompted hesitant homeowners to delay listing their homes, further exacerbating the supply-demand imbalance. Economic factors also contributed to the declining market performance. Historically higher mortgage interest and inflation rates added an element of caution among prospective buyers. The upward pressure on borrowing costs dampened affordability and consequently tempered demand.”
Year-to-date, there have been 10,088 single-family home sales in Massachusetts, a 25.9 percent decrease from the first four months of 2022. Meanwhile, the year-to-date median single family home price increased 2.9 percent on the same basis to $525,000.
Condominiums
There were 1,500 condominium sales in April 2023, compared to 2,149 in April 2022 – a 30.2 percent decrease. Meanwhile, the median sale price fell 3.1 percent on a year-over-year basis to $513,500.
“As has been the case all year, the Massachusetts condo market saw a significant decline in sales in April,” Norton added. “The market’s response was further underscored by a 3.1 percent decrease in prices, indicating a shift in demand and supply dynamics, although that may be temporary. The decline may offer opportunities for potential buyers to enter the market at a more favorable price point.”
Year-to-date, there have been 5,217 condo sales, a 26.6 percent decrease from the first four months of 2022 with a median sale price of $490,000, a 4.3 percent increase on the same basis.
In Wakefield, five condos sold last month for a median price of $365,000, compared to the eight units sold in April last year for a median price of $535,000.
Through the first four months of 2023, 18 condos have sold in town for a median price of $431,000. Last year through the same period, 36 condos sold for a median price of $523,500.
Greater Boston Single-Family Home and Condo Markets
Included in this release is an overview of activity in the Greater Boston housing market. This analysis encompasses the 139 towns located within 495.
Single-Family Homes: There were 1,386 single-family home sales in the Greater Boston housing market in April 2023, which marked a 25.6 percent decrease from April 2022 when there were 1,864 transactions. Meanwhile, the median single-family sale price decreased 4.8 percent on a year-over-year basis to $690,000.
Condominiums: In April, there were 1,116 condo sales, down from 1,564 sales in April 2022, marking a 28.6 percent decrease on a year-over-year basis. Meanwhile, the median condo price decreased 3 percent on the same basis to $601,250, down from $620,000 a year earlier.
“For some buyers with their sights set on the Greater Boston housing market, declining median prices bring a glimmer of hope,” Norton continued. “However, the inflated prices continue to push buyers on a budget beyond the confines of 495, encouraging them to explore new horizons in their quest for a place to call home.”
