If you’re trying to sell a pricier home in the Bay State, you’ll need to be patient.
The Warren Group reports today that single-family home sales inched up 2 percent in August compared to the prior year. August was the second straight month that sales volume increased in Massachusetts.
Here’s what’s not in the report: while sales of lower-priced single-family homes helped to prop up the overall numbers, higher-end home sales are dragging.
As I mentioned in a blog post earlier this month, home sales in the lower-end of the market were moving at a faster pace in July than residences with heftier price tags.
If you add August transactions to the mix, single-family homes priced $200,000 to $400,000 shot up almost 10 percent compared to the same months in 2008.
In contrast, homes priced $800,000 and higher tumbled 11 percent.
But if sales volume continues to climb in the lower-end of the real estate market that could trickle up to more upscale properties, as homeowners seeking to trade up are finally able to make a move because they no longer have to worry about selling their starter homes.