Published in the April 26, 2018 edition.
WAKEFIELD — The town saw a 666 percent increase in condominium sales last month compared to the same time a year ago, according to information compiled by The Warren Group, publisher of Banker & Tradesman.
The number of single family home sales also increased in March 2018 from a year ago.
Condos in Wakefield continue to prove attractive. The Warren Group report shows that in the first three months of 2018, 56 condos had been sold, 211 percent more than the 18 that had been sold to that point last year.
The median sale price of a condo in March 2017 was $296,375; last month, it was $478,400.
Year-to-date in 2018, the median sale price of a condominium in Wakefield was $464,450 through March, up nearly 47 percent form the year to date median price through the first three months of 2017.
Last month, 17 single family homes were sold in Wakefield, compared to 14 in March 2017. During the first three months of this year, 46 single family homes sold; at this point last year, 35 houses sold.
The median sales price for single family homes in town so far in 2018 is $495,000, down 6.2 percent from $527,500, the median sales price through the first three months of 2017.
Across the state, single-family home sales decreased in March on a year-over-year basis, while the median condominium price reached a record high, according to The Warren Group.
Last month, there were 3,632 single-family home sales recorded in Massachusetts, an 8 percent dip from March 2017. Concurrently, the median single-family sale price increased 5.4 percent to $354,000, up from $335,750 a year earlier. Month-over-month, single-family home sales spiked 40.1 percent, up from the 2,578 transactions recorded in February 2018. Year-to-date, there have been 9,832 single-family home sales across Massachusetts with a median sale price of $350,000.
“Although year-to-date single-family homes sales have dipped slightly from where they were at this time last year, the median sale price continues to increase at an impressive rate,” said Tim Warren, CEO of The Warren Group. “The most recent gain marks 24 straight months of year-over-year median home price gains, and even though we should see an increase in inventory on the market in the coming months, there’s no sign that price gains will slow down.”
There were 1,854 condominiums sold in March – an increase of 0.05 percent from March 2017. Meanwhile, the median condo price reached a record high after surging 20.1 percent to $389,000 up from $354,000 a year earlier. Year-to-date, condo sales were up 0.22 percent with 4,458 transactions compared to the same period in 2017, while the median price rose 13.4 percent to $362,873.
