23 Aug 2014
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Milton Real Estate Sales Similar to Last Year

Prices, units about the same; around Massachusetts, home sales dropped in 2013.

Milton Real Estate Sales Similar to Last Year

According to data released by The Warren Group on Jan. 30, shows that the real estate business in Milton in 2013 was a lot like 2012.

Between the years, Milton had the same number of condo sales – 26 – and similar numbers for single-family home sales: 306, up from 297 in 2012.

Prices also rose between last year and the year before, with the median home price rising more than 9 percent, to $492,000, and condo prices, which rose 6 percent ($372,500 to $394,500).

For the month of December, sales were the same for homes and condos, month over month (26, and 3, respectively), and prices also rose by 11 to 20 percent.

Throughout Massachusetts, home sales dropped by less than 1 percent in December 2013 compared to the previous year. That was the second consecutive month home sales decreased and the fewest home sales since April 2013, according to The Warren Group.

Overall, Massachusetts saw a nearly 5 percent increase from the previous year and the fourth quarter increased by 4.5 percent over the fourth quarter of 2012.

"Low inventory combined with increasing interest rates have slowed the market at the end of 2013," said The Warren Group CEO Timothy M. Warren Jr. "Sales and prices set a torrid pace in the third quarter of 2013 and through October. Now the market is taking a breather."

The median price of a single-family home rose from $300,000 in December 2012 to $311,125 in December 2013. That’s the 15th straight month of year-over-year increases in median price of a single-family home. Massachusetts saw a 10 percent increase for the entire year of 2013 compared to the previous year.

“The year ended with buyer demand still strong,” said 2014 Massachusetts Association of Realtors President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “While interest rates are expected to rise, we’re hopeful the increases will be modest and spread over time as purchase power diminishes when rates get higher.”

Throughout 2013, Realtors lamented the lack of homes for sale, but they’re hopeful that increased sale prices will drive more homeowners to put their homes on the market.

“While 2013 will be remembered for a lack of homes for sale, price increases have improved overall home equity, which should help push sellers into the market in 2014,” said Ruffini.

Les Masterson of Patch assisted with this story.

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