November 28, 2017

Worcester County home sales up 13%

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This home at 48 Pakachoag St. in Auburn was sold for $330,000 earlier this month.

After months of slow sales and rising prices, Worcester County saw a surge in the number of home and condo sales last month.

There were 778 single-family home sales in the county last month, a 12.75-percent increase from 690 reported in October 2016, according to real estate and financial information firm the Warren Group.

Condos in Worcester County were sold at a higher rate last month - 188 compared to 151 in October 2016.

The average price of a single-family Worcester County home sold in October was $257,000, a 4.46-percent increase compared to October 2016.

For the year, homes in Worcester County are selling at $259,000, a 5.71-percent increase from the first 10 months of last year.

The number of sales for the year has only increased 1.51 percent.

Statewide, there were 5,192 single-family home sales last month and for the year, home sales are at 50,791, a slight increase from last year.

The number of sales is increasing despite a shrinking inventory, Warren Group CEO Timothy Warren said in a press release Tuesday.

The 5.5-percent increase in statewide home sales, he said, is the largest monthly increase since March. The increase follows two months of decline.

"Demand is strong, and we would see higher sales if there were more homes on the market to choose among," he said.

Prices of single-family homes are increasing and have been for 19 straight months since April 2016, the firm said.

In October, prices were up 5.9 percent to $360,000 from $340,000 last year. Month-to-month, the median price rose 5.2 percent from $341,175 reported in September.

Condo sales have increased by 8 percent last month compared to October 2016, and the median sale price rose by 5.3 percent to $223,5000 - the highest on record for October.

For the year, condo sales were up 3.5 percent and the price was up 2.7 percent.

Per the Massachusetts Association of Realtors, home sales are rising despite an all-time low inventory.

Last month, there were 13,571 single-family homes on the market, more than a 25 percent decline from the 18,138 homes on the market in October 2016.

Condos follow a similar path, with just 3,777 on the market last month compared to 5,074 last October.

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