Sales of two- and three-family homes in Massachusetts jumped by double-digit percentages in the first two quarters from a year earlier, according to The Warren Group.
There were 3,404 two- and three-family home sales through June, up about 20 percent from 2,847 last year. A significant number of those properties are being sold by a bank or some other type of financial firm.
As Ian Murphy reports in Banker & Tradesman, bank-owned properties, accounted for nearly a third of the multifamily home sales from January through June.
But bank-owned properties, or REOs as they’re known in the industry, aren’t such a big share of single-family home sales in Massachusetts. Of the single-family homes sold in the first two quarters, only 6.5 percent were REOs — this despite the fact that the majority of foreclosures taking place statewide (60 percent) are of single-family homes.
The median selling price for an REO two-family home was only $100,000 in the first quarters. Meanwhile, the median price for the non-REO two-family home was $263,000.
Source: Banker & Tadesman