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Bay State Home Sales Hit Four-Year High in June

The residential real estate market in Massachusetts seems to be on the mend. According to a recent report by[IMAGE]

""the Warren Group"":http://www.thewarrengroup.com/portal/Default.aspx, a provider of real estate data in New England, the Bay State saw year-over-year increases in both sales and prices of single-family homes and condos in June and in the second quarter.

A total of 5,726 single-family homes sold in Massachusetts in June â€" the highest amount of statewide home sales for any month since June 2006. Sales soared 28 percent from one year earlier, marking the fifth straight month of double-digit percentage increases.

Total second quarter home sales came in at 14,090 transactions, a 35 percent jump from the same period in 2009. According to the Warren Group, this was the highest quarterly sales volume since the third quarter of 2006, when 14,174 single-family homes sold.

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Bay State condo sales also posted strong increases in June. A total of 2,311 units sold in June, surging 31 percent from a year ago. The Warren Group noted that monthly condo sales have not exceeded 2,000 transactions since August 2009.

Meanwhile, statewide condo sales for the entire second quarter of 2010 more than doubled from the second quarter of last year. A total of 9,735 condos sold during the three-month period, skyrocketing 109 percent from a year earlier. This represented the strongest sales pace recorded for any second quarter since the Warren Group began tracking data in 1987.

""It appears buyers were aggressive in June,"" said Timothy M. Warren Jr., CEO of the Warren Group. ""The spring season is historically good for the real estate market. That factor paired with the tax credit made for a very strong month.""

And it wasn't just sales that increased. According to the Warren Group, prices of single-family homes and condos were also on the upswing.

The median price of single-family homes came in at $325,000 in June, up 7 percent from the same month in 2009. In addition, the second quarter median home price of $300,000 was 4.2 percent higher than last year's second quarter level.

Upward movement in condo prices was less notable. June's median condo price of $282,000 was just 2.8 percent higher than a year earlier, and the second quarter median condo price crept up a mere 2 percent to $265,000.

About Author: Brittany Dunn

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