Despite high hopes among brokers, recently released numbers indicate a dismal spring real estate market.
Sales of single-family homes in April were down 28 percent compared to April 2010 and condominium sales plummeted 37 percent compared to last year, according to a report from the Warren Group, publisher of Banker & Tradesman. Median prices also dropped for the fifth consecutive month, according to the report.
“I was discouraged by the sales numbers, but not surprised,” said John Ford, owner of Ford Realty in Beacon Hill. “Moving forward, I do see some light at the end of the tunnel. For example, the employment numbers in Massachusetts are improving, which historically is a lagging indicator but a significant one to watch regarding the housing market.”
There were 2,865 single-family homes sold in April compared to 3,996 in April 2010. Condominium sales fell from 1,834 in April 2010 to 1,160 in April 2011. Year-to-date sales numbers were also down — dropping 16 percent from 2010. Numbers in 2010 were likely boosted by the homebuyer tax credit, which was a strong incentive for buyers.
“The year-over-year numbers are dismal because we’re comparing to the homebuyer tax credit selling boom,” said Timothy M. Warren Jr., CEO of The Warren Group, in a statement. “We will likely see decreases until the summer.”