Home Sales Prices Increase in Wrentham

(FROM THE WARREN GROUP)

Home sales in the Bay State increased more than six-percent in May - rising to the highest level of transactions for the month since 2006, according to The Warren Group, publisher of Banker & Tradesman.

A total of 4,820 single-family homes sold in May, up from 4,540 the same month a year ago. This is the highest number of transactions recorded for the month since 2006 when there were 4,948 sales. May is the first month since January that sales volume increased year-over-year. However, year-to-date sales are down slightly. A total of 16,068 homes have sold so far this year, down 0.19 percent from 16,098 during the same period last year.

"Now that we're well into the prime spring selling season, activity is increasing for sales volume as expected," said Timothy M. Warren Jr., CEO of The Warren Group. "We're expecting home sales to continue to rise on a year-over-year basis this summer. Median prices have increased by double-digit percentages for four straight months and show no signs of slowing."

The median price for single-family homes sold in May increased almost 12 percent to $324,500 from $290,000 a year ago. This is the highest median sale price recorded so far this year. Year-to-date, the median sale price of a single-family home in Massachusetts is $300,000, which is 11 percent higher than the $270,000 median price recorded during the same period in 2012.

"The rise in prices has been a result of tight inventory," Warren added. "It's concerning to see prices rise at this rapid rate. Pent-up demand for homes from buyers who postponed their purchase plans is driving up prices. Consumers are rushing to buy before prices and interest rates get too high."

The median sale price of a condominium in Massachusetts was $295,000 in May, a 2.2 percent increase from $288,675 in May 2012. The year-to-date median condo price rose 1.6 percent to $270,000 from $265,750 during the same period last year.

For the second straight month, condo sales increased. Sales rose more than 5 percent to 2,015 from 1,909 in May 2012. A total of 6,561 condo sale transactions were recorded in the first five months of the year, a 3.4 percent jump from 6,348 the prior year.

Here's how the area towns fared in May:

Wrentham-May home sales dropped by 18.11 percent in May from nine sales down from 11 in 20 in 2012. By May 2012, there were 40 homes sold last year compared to 34 this year. The good news for the sellers is that the May medium price has gone from $283,000 to $512,000, up 81-percent. From January to May, prices have gone up from $281,750 to $416,000, up to 47.61-percent.

Plainville-May home sales went from seven in 2012 to eight in 2013 and year to date, it is 24 to 26. There was a big increase in home prices from May 2012 to May 2013, going from $230,500 to $421,000, an 82.65 increase. Year to date it is up 57-percent from $231,949 to $364,200.

Norfolk-May home sales went up from six in 2012 to 12 in 2013 for a 100-percent. From the first of the year to now, home sales have gone up from 28 to 38-percent for 37.71 percent increase. The price of homes dropped slightly from $421,259 to $406,200, a drop of 3.5 percent. Year to date, though, it is a different story as prices have gone up 11.65-percent from $347,500 to $388,000 for the medium sale price.

Sharon-May home sales in Sharon have risen 23.81 percent, from 21 sales in 2012 to 26 in 2013. By May 2012 68 homes had been sold for the year, which is up 20.59 percent this year to 82 sales.

The median sale price in May 2013 is $404,250, up 30.4 percent from May 2012, when it was $310,000. Year-to-date median sale prices have risen 20.13 percent from $360,000 in May 2012 to $432,450 this year.

Easton- May home sales in Easton have risen 140 percent, from 10 sales in 2012 to 24 in 2013. By May 2012 50 homes had been sold for the year, which is up 38 percent this year to 69 sales.

The median sale price in May 2013 is $377,450, up 23.96 percent from May 2012, when it was $304,500. Year-to-date median sale prices have dropped 9.21 percent from $382,750 in May 2012 to $347,500 this year.

Norton-May home sales in Norton have risen 30.77 percent, from 13 sales in 2012 to 17 in 2013. By May 2012 46 homes had been sold for the year, which is up 19.57 percent this year to 55 sales.

The median sale price in May 2013 is $279,900, down 7.16 percent from May 2012, when it was $301,500. Year-to-date median sale prices have risen 16.61 percent from $227,250 in May 2012 to $265,000 this year.

Mansfield-May home sales in Mansfield have risen 53.85 percent, from 13 sales in 2012 to 20 in 2013. By May 2012 50 homes had been sold for the year, which is up 16 percent this year to 58 sales.

The median sale price in May 2013 is $338,450, down 7.27 percent from May 2012, when it was $365,000. Year-to-date median sale prices have risen 5.77 percent from $325,000 in May 2012 to $343,750 this year.