May Home Sales, Prices Up in Reading Compared to 2012

By Matt Schooley

Home sales in Reading increased significantly this May compared to 2012, and the overall home sales are also ahead of last year's pace, while prices are up as well.

There were 21 homes sold in town in May 2012, while 29 were taken off the market this May. That represents a 38 percent spike, according to figures compiled by the Warrent Group. Condo sales increased from zero in 2012 to 12 in 2013.

Total home sales in 2013 are also ahead of the previous year. In Reading 77 homes have sold this year, up from 63 during the same period of 2012. (See how Reading compares to Middlesex County and the commonwealth on the chart at the bottom of the article.) 

Condo sales have increased this year in Reading by 85 percent, with 24 sold so far.

In addition to home sales being up, prices are up in town as well. The median sales price this May was $520,000, up 28 percent from the 2012 average of $405,000. 

Home sales across Massachusetts are up 8.5 percent, with 4,775 single-family homes sold in the Bay State this May. This is a change in the trend in state.

“We knew the buyers were out there in the late winter/early spring and now we’re seeing the results of that activity,” said 2013 Massachusetts Association of Realtors President Kimberly Allard-Moccia, broker in Braintree. “With each month of sales and price increases, we should begin to see the number of homes for sale start to increase, which is good for the market.”

Home sales should continue to increase as Massachusetts enters the prime selling season, said Timothy M. Warren Jr., CEO of The Warren Group which publishes Banker & Tradesman. Real estate prices have also increased. 

"The rise in prices has been a result of tight inventory," Warren added. "It's concerning to see prices rise at this rapid rate. Pent-up demand for homes from buyers who postponed their purchase plans is driving up prices. Consumers are rushing to buy before prices and interest rates get too high."

Other statewide numbers provided by The Warren Group:

·       In May 4,820 single-family homes sold in Massachusetts, up from 4,540 the same month last year. 

·       May is the first month since January that sales volume increased year-over-year. However, year-to-date sales are down slightly.

·       A total of 16,068 homes have sold so far this year, down 0.19 percent from 16,098 during the same period last year. 

·       The median price for single-family homes sold in May increased almost 12 percent to $324,500 from $290,000 a year ago.

·       Year-to-date, the median sale price of a single-family home in Massachusetts is $300,000, which is 11 percent higher than the $270,000 median price recorded during the same period in 2012. 

READING                        2012          2013          Change

May sales                           21             29             38.10%

Year to date sales               63             77             22.22%

May median sale price    $405,000  $520,000       28.40%

YTD median sale price    $428,500   $455,000       6.18%

MASSACHUSETTS           2012        2013          Change

May sales                         4,540       4,820            6.17%

Year to date sales            16,098      16,068         -0.19%

May median sale price   $290,000  $324,500        11.90%

YTD median sale price   $270,000   $300,000       11.11%

Source: The Warren Group