Banker & Tradesman – July is Best Month for Mass. Home Sales since 2005, Grow 24.3 Percent Year-Over-Year
BOSTON, August 25, 2015 – The 7,077 single-family home sales in July signaled the best month for the Massachusetts real estate market since June 2005, according to a new report from The Warren Group, publisher of Banker & Tradesman.
By breaking 7,000 sales, July saw the market’s first return to that level in more than 10 years, since the 7,239 sales recorded in June 2005. The big month marked a 24.31 percent increase year-over-year from July 2014, which had 5,693 sales.
The median sales price for single-family homes in July 2015 was $359,900, a 1.38 percent increase from July 2014’s median of $355,000. Year to date the median price has been $340,000, a 1.49 percent increase from last year’s mark of $335,000 through July.
“July’s numbers are the result of a very strong spring season and are an improvement over the sluggish start to the year,” said Cassidy Murphy, editorial director of The Warren Group. “A rough winter and pent-up demand turned into a strong spring that is a positive sign for the real estate market throughout the state.”
The condo sales market in July was also robust, seeing 2,794 sales, the most since August 2007. This month’s mark was a 20.07 percent increase from July 2014, which had 2,327. July 2015 supplanted last month as the best month in the eight-year stretch. There were 2,764 in June.
The median condo price in July was $337,500, up 3.85 percent from July 2014, when the median was $325,000. Year to date the median condo price has is $316,685, up .86 percent from $314,000 at this time last year.
Year to date Massachusetts has had 28,745 single-family home sales, a 6.52 percent increase from last year’s total through July of 26,985. There have been 12,132 condo sales through July, a 1.8 percent increase over last year’s year-to-date total of 11,917.
The Warren Group has recorded and tracked real estate transactions since 1872. The fourth-generation family-owned company uses its long-time leadership in Boston real estate and banking information to produce specialized reports and printed publications, including Banker & Tradesman and The Commercial Record.
With more than 140 years as a local business leader, The Warren Group has developed relationships with a variety of industry leaders and trade groups, including bankers, mortgage brokers, credit unions and lawyers. Working together with our partners, The Warren Group organizes trade shows and industry events, including The Bank Summit, coming in October.
For more information about The Warren Group, visit www.thewarrengroup.com.