The number of single-family homes put under agreement in the month of October rose 9 percent over the last year, while condominium pending sales were down 5 percent over last year, according to the Massachusetts Association of Realtors.

There were 5,423 single-family homes put under agreement in October of this year compared to 4,976 in October 2017. There were 1,916 condos put under agreement in October of this year, compared to 2,024 in October 2017.

The median price for pending single-family homes rose 5 percent to $390,000 and condominium sales rose 4 percent to $353,000 compared to October 2017.

“In between apple picking and leaf peeping, homebuyers found time this October to make offers on single-family homes in Massachusetts,” MAR President Rita Coffey, general manager of Century 21 Tullish & Clancy in Weymouth, said in a statement. “Prices remain close to that $400,000 mark despite the usual cooling off from the summer market.”

In MAR’s market and price confidence index, sentiment has declined significantly since October of 2017. The market confidence index has decreased from 72.24 to 57.14, while the price index has decreased from 68.48 to 53.93. Measured on a 100-point scale, a score of 50 is the midpoint between a strong and a weak market condition.

“Confidence in the market and home prices is still positive but waning most likely because of the uptick in interest rates and the ongoing dwindling inventory,” Coffey said. “However, buyers have demonstrated that the demand is still there.”

MAR’s October “hot topic” question asked Realtors how open house attendance has been this fall. Of those who responded, 41 percent reported that open house attendance has been either weaker than usual for fall (34 percent) or the weakest they’ve seen for the season (7 percent). Another 36 percent reported that fall open house attendance has been about the same. A remaining 13 percent responded that open house attendance has been either busier than usual (11 percent) or the busiest they’ve seen for fall (2 percent).

“Open house attendance seems to have slowed down this fall for the many Realtors who use open houses as a marketing tactic,” Coffey said.

More Single-Family Homes Under Agreement in October, While Condominiums Fall

by Banker & Tradesman time to read: 1 min
0