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Malden housing market shows growth in August

Posted by Matt Byrne  September 28, 2012 08:20 AM

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Following a state trend of increased property sales in August, Malden single-family homes and condominium units sold faster than in the same month last year, housing data released this week showed.

In all, 18 single-family homes and 15 condominiums went under agreement, up from 16 and 11 respectively in August 2011, according to The Warren Group, which tracks real estate transactions throughout the state.

For the year, the gains are similar: 24 more homes were sold in the first eight months of 2012 - 138 - than in the same period in 2011, while 12 more condos - 78 total - found buyers.

Median prices for the 18 homes sold in August 2012 rose almost 20 percent from the same month last year, to $301,000, while so far this year, prices are up close to 10 percent, from $253,000 in 2011 to $278,000 in 2012. Condominiums did not fare as well, with prices hovering at $186,500, $1,000 below last year's median.

For town-by-town single-family stats, click here; for condos, click here.

In Massachusetts, August was a strong month, the seventh consecutive for sales growth this year. Overall sales reached 5,118 single-family homes, up 856 units, and 13,040 condominiums sold, up 2,867 units.

"In past housing market recoveries, we've seen sales volume increase before prices followed," said Timothy M. Warren Jr., CEO of the Warren Group, in a statement. "Perhaps these low prices will lure even more buyers into the market and bring a sustained recovery."

Matt Byrne can be reached at mbyrne.globe@gmail.com.

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