home sales in MassachusettsAccording to The Warren Group, home sales in Massachusetts have surpassed the 5,000 mark for the third time this year. 5,925 single-family homes were sold in August of this year compared to 5,204 in August of 2012.

The median price for a single-family home increased 10.6 percent to $340,000 in August, a significant amount more than the $307,500 at the same time last year.

The Warren Group CEO Timothy M. Warren Jr. says: “Due to the seasonal nature of the real estate market, this is probably the last month this year we’ll see such high volume. The busy summer selling season is coming to an end, but probably the year-to-year comparisons will stay strong for a while longer. This is further evidence of a strong market, and another great recovery year in real estate. It will be interesting to see if the Federal Reserve’s decision to keep stimulating the economy will reverse the rise in interest rates and keep the real estate market rising.” (source: The Warren Group)

The following towns have shown the greatest increase of home sales in Massachusetts for the month of August 2013 compared to August of 2012:

  1. Boxborough: a 116 percent change
  2. Barre: a 105 percent change
  3. New Bedford: a 68 percent change
  4. Harvard: a 60 percent change
  5. Boxford: a 59 percent change
  6. Upton: a 59 percent change
  7. Winthrop: a 57 percent change
  8. Dartmouth: a 57 percent change
  9. Pepperell: a Percentage not included
  10. East Boston: a 55 percent change

Town in Norfolk County include:

  • Norfolk: #22 with a 40 percent change
  • Norwood: #34 with a 30 percent change
  • Stoughton: #46 with a 26 percent change
  • Sharon: #48 with a 25 percent change
  • Dedham: #68 with a 18.79 percent change
  • Canton: #70 with a 18.49 percent change

The rise in median home prices has not yet affected the number of home sales in Massachusetts. “I remain concerned with the steady price increases across the state,” Warren said. “However, it seems the high prices aren’t shutting buyers out of the market – just yet. The market is benefiting from pent-up demand.” (source: The Warren Group) Hopefully home prices don’t increase too much, creating another lull in the housing market.

If you are looking to buy or sell your home, please contact me at: 508-660-8888 or visit us on the web at: www.attorneyjimbrady.com. I work with several experts in the mortgage and real estate fields.