April Home Sales in Massachusetts Up for the First Time Since January
There were 5,513 home sales of all types (single-family, condo, and multi-family) in April, a 1% increase compared to home sales last April, when there were 5,465 homes sold. This is the first month since January overall home sales are up compared to the same period last year.
Condo and multi-family home sales drove the overall increase. There were 1,596 condos sold in Massachusetts compared to 1,493 last April, an increase of 7%. 490 multi-family homes sold last month in comparison to 468 last April, an increase of 5%.
As we reported earlier this month, the demand for condos is high, particularly in the Greater Boston area. More baby boomers are downsizing and moving into condos, and more young professionals moving into the area due to the influx of high-tech jobs.
Single-family home sales, however are down 2%. There were 3,427 single-family homes sold in April compared to 3,504 last April.
Average Prices Continue to Rise
Although housing inventory is starting to pick up, it’s still not enough to satisfy demand for homes, which is pushing prices up across the state.
Average home prices for single-family, condo, and multi-family homes have all gone up in April of this year compared to April of 2013.
The average price for a single-family home in Massachusetts was $418,308 last month, an increase of 7% compared to last April when it was $390,038. The average price for a condo was $294,621, up 14% from last April when it was $257,827. Multi-family home prices were up 27%, from $285,868 last April to $363,952 for April of this year.
New Hampshire Condo Sales Are Up
Home sales in Southern New Hampshire are following the same trend as Massachusetts, where condo sales are increasing as single-family home sales are down. There were 769 total home sales in Southern New Hampshire (Cheshire, Hillsborough and Rockingham Counties), compared to 765 home sales last April, an increase of 0.5%. Condo sales in Southern New Hampshire were up 10%, with 225 condo sales compared to 205 condo sales last year. Single-family home sales were down 4%, with 512 single-family home sales last month compared to 533 in April 2013.
Average home prices are also up for all home types in Southern New Hampshire. The average price for a single-family home was $259,013, up 13% over last April when it was $228,673. (Due to two sales of condos priced over $1 million, the average price for a condo in Southern New Hampshire is $624,356, which is significantly higher than it usually is.) The average price for a multi-family home was $319,647, 56% higher than it was last April when the average price was $204,414.