MERRIMACK & NASHOBA VALLEYS — The Northeast Association of REALTORS (NEAR) reports that single family home sales during July in the 15 cities and towns from Boxford to Littleton climbed by 38.3 percent compared with July of last year, while the number of condominiums sold soared by 60.5 percent during the same period. Year-to-date, sales of both property types were up by more than 20 percent, with a 26.2 percent increase in single family home sales and a 23 percent gain in condominium sales. Compared with June, transactions in July were up for single family homes by 6.2 percent, and condominium sales month-to-month were basically flat, down by 0.8 percent. The report is based on data from MLS Property Information Network in Shrewsbury.
The report also reflected increases in the median sales price for both single family homes and condos sold locally during July, compared with July of 2011. Specifically, the median price for single family homes sold in July was $330,000, a 3.4 percent increase versus last July, but a 5.7 percent drop over June’s median price of $349,950. For condominiums sold in July, the median price of $197,000 is an increase of 6.5 percent compared with last year and a jump of 14.5 percent versus June’s median of $172,000.
The average length of time it took for the single family homes that sold in July to go from listing to closing was 112 days, an increase of 27.3 percent over last July’s average of 88 days. It took an average of 122 days for the condominiums sold during July to close, an increase of 14 percent compared with last July.
Additionally, the number of pending sales for single family homes in the region during July were up by 13.7 percent compared with July of 2011, with the agreed-upon median price for those properties at $329,000, up 9.7 percent versus last July.
The number of pending sales for condominiums locally during the month was also up, rising by 63.6 percent versus last July to 126 contracts signed.