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Thursday, December 27, 2012

November Bay State Home Sales Post Largest Increase This Year

Home And Condo Prices Level Out In November


Massachusetts single-family home sales rose 38 percent in November, the largest year-over-year percentage increase this year and the 11th consecutive month of gains, according to the latest report by The Warren Group, publisher of Banker & Tradesman.

The median price of single-family homes rose almost 2 percent to $275,000 in November, up from $270,000 a year earlier.

Nov2012MAHomeSalesNovember single-family home sales increased to 4,539 from 3,290 during the same month last year. This is the best November for sales since 2005, when there were 4,553 sales statewide. So far this year, 43,652 sales have been recorded, a 22 percent increase from 35,718 sales during the same period in 2011.

"We're winding down a pretty strong year of real estate in Massachusetts. It looks like sales will be the highest since 2006," said The Warren Group CEO Timothy M. Warren Jr. "We're also seeing median prices start to creep up, another positive sign of a healthy market recovery."

The median price for homes sold January through November was $288,000, down 0.35 percent from $289,000 in the prior year. Meanwhile, both single-family homes and condominiums in the Bay State had the same median price in November: $275,000.

"The popularity of condominiums as an alternative to apartment living has increased their pricing more than single-family homes. Last month we saw the unusual statistic that they have exactly the same median price," Warren added.

Condominium sales in Massachusetts also increased in November, rising 33 percent from a year earlier. A total of 1,635 condos sold last month, up from 1,232 in November 2011. Year-to-date condo sales are up 27 percent, increasing to 17,765 from 13,971 a year earlier.

The median condo price in November jumped more than 7 percent. The median selling price was $275,000, up from $255,950 a year earlier. The year-to-date median price of condos in the Bay State is $276,000, up 2 percent from $270,000 a year ago.

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