Real Estate

Plymouth Home Sales Sales Decrease, Condo Sales on the Rise

Massachusetts single-family home sales increased again in June, climbing to the highest level for any month in three years, and Plymouth home sales are keeping up with the trend.

Single-family home sales rose 1 percent in June, the second straight month of increases, according to the latest report by The Warren Group, publisher of Banker & Tradesman.

A total of 5,591 single-family homes sold in June, up from 5,535 a year earlier. This marks the best month for sales since June 2010, when there were 5,662 sales.

Plymouth home sales have kept up with the trend, with 70 homes sold this June versus 52 sold in June 2012, a 34.62 percent increase.

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"The housing market continues to boom locally, and nationally," said The Warren Group CEO Timothy M. Warren Jr. "As long as mortgage rates and home prices don't spike too high, we'll see a very strong recovery year for the market in 2013."

Year-to-date home sales statewide are up 0.12 percent. From January to June, a total of 21,659 single-family homes have sold, compared to 21,633 during the same period a year ago.  

In Plymouth year-to-date sales are nearly 6 percent behind the statewide trend, with 271 homes sold in 2012 from January to June, and 255 homes sold so far in 2013.  

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While year-over-year home prices have increased across the state, home prices have stayed the same in Plymouth. Home prices last month actually fell by 1.59 percent compared to last June, from $298,000 in June 2012 to $293,250. In the first six months of 2012 the median sale price of a home in Plymouth was $275,000, and it has stayed the same this year thus far, but that’s not the trend across the state, where year-over-year prices have increased by nearly nine percent from June 2012, and year-to-date median sale prices rose 12 percent.  

Home prices have not been this high since August 2007.

"Buyers have come out to the market in droves and aggressive bidding is driving up prices. While not a problem at this juncture, I hope for more modest increases in the future," Warren added. "We don't want to see prices rise to the point where homeownership becomes unaffordable."

The condo market has not done as well across the state, but that is not reflected in Plymouth.

Bay State condominium sales dropped in June, decreasing more than 3 percent from a year earlier. A total of 2,189 condos sold in June, down from 2,261 a year earlier. Year-to-date condo sales are up almost 2 percent to 8,750 from 8,609 a year earlier.

In Plymouth, condo sales so far in 2013 tell a different story. So far in 2013, 80 condos have been sold versus 71 from January to June 2013, that’s a 12.7 percent increase.

But the median sale price has decreased dramatically, from $410,000 in June 2012 to $305,000 in June 2013, a 25.6 percent drop. The year-to-date data shows a 21.4 percent decrease in median sale prices, from $318,000 in 2012 to $250,000 in 2013.

The statewide data shows the opposite: The median selling price in June was $320,000, up 3.2 percent from $310,000 a year earlier. The second quarter median condo price rose 2.4 percent to $302,000 from $295,000 in the second quarter 2012. The year-to-date median price of condos in the Bay State is $284,000, up more than 3 percent from $275,000 a year ago.


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