– May 22, 2012 – The Massachusetts
Association of REALTORS® (MAR) reported today that median home prices
were up in April for the first time since September 2011. Single-family
home sales increased again compared to the same time last year for the
tenth straight month. Condominium sales were also up from April 2012.
Condominium median prices rose for the second straight month.
“This is the first multiple percentage point jump we’ve seen in
home prices since November 2010, which concluded a run of 12 months of
increases due to the home buyer tax credit,” said 2012 MAR President
Trisha McCarthy, broker at Keller Williams Realty in Newburyport. “The
increased activity we’ve been experiencing over the past several months,
which has included multiple-bid situations, is pushing prices up.
Hopefully, people who want to sell but have been holding back will
decide now is a good time to put their homes on the market.”
There were 3,527 detached single-family homes sold this April, an
18.3 percent increase from the 2,982 homes sold the same time last year.
This is the tenth straight month of year-over-year increases. On a
month-to-month basis, home sales were up 10.3 percent from 3,198 homes
sold this past March.
The median selling price for single-family homes in April was
$282,450, an increase of 2.7 percent compared to $275,000 in April
2011. This the first increase in median home prices since September
2011 (which was less than half of one percent). Prior to that, the most
recent increase in prices was November 2010, the original deadline for
the first-time home buyer tax credit. On a month-to-month basis, the
April median selling price was up 5.8 percent from $267,000 in March
The April condominium market was up 10.2 percent compared to the
same time last year (from 1,213 units sold in 2011 to 1,337 units sold
in 2012). On a month-to-month basis, condominium sales were up 13.8
percent compared to the 1,175 units sold this past March.
Condominium median selling prices in April were up 3.0 percent from
the April 2011 median price (from $265,000 to $273,000). On a
month-to-month basis, the median selling price of a condominium was up
11.0 percent from a March 2012 median of $273,000.