FOR IMMEDIATE RELEASE
Editorial Contacts:
Katie Curnutte
The Warren Group
(617) 896-5370
kcurnutte@thewarrengroup.com
November Home Sales in Mass.
Fall to Lowest Number Since 1991;
Sales Drop by Double-Digit Percentage for Third Month,
According to The Warren Group
Prices Fall Nearly 6 Percent in November
BOSTON, Dec. 18, 2007 – Until last month, it had been 16 years since fewer than 3,600 single-family homes were sold during November. Sales in Massachusetts fell by a double-digit percentage for the third month in a row, and prices are also down when compared to November 2006, according to a report released today by The Warren Group, publisher of Banker & Tradesman.
Single-family home sales dropped 15.4 percent from 4,183 in November 2006 to 3,538 in November of this year. That followed a 17.1 percent decline in October and an 18.7 percent decline in September.
Year-to-date single-family home sales were down 7.6 percent at the end of November from 50,980 during the first 11 months of 2006 to 47,123 this year.
The median price for single-family homes in November dropped 5.8 percent from $313,000 in 2006 to $295,000 this year, according to TWG’s traditional method of calculating prices. The year-to-date median price for single-family homes fell 4.7 percent from $327,000 last year to $311,705 this year.
Because of the rapidly rising rate of foreclosures, The Warren Group has opted to also calculate data that excludes the effects of foreclosures deeds. Using this method, the median price of single-family homes has stayed nearly steady year-to-date, falling less than a half percent from $335,000 last year to $334,900 this year. November’s median price, when calculated with this method, fell 1.6 percent from $325,000 to $319,900.
"Massachusetts' housing market remained in the doldrums during November, and it's not likely that December will bring much holiday cheer to home sellers," said Timothy Warren Jr., CEO of The Warren Group. "The last three months have dragged down the year-to-date sales, and if December's market is as lackluster as November's, sales in 2007 could be nearly 10 percent below 2006's."
Condominium sales also fell substantially in November. Sales were down 23.2 percent from 2,229 in November 2006 to 1,713 this November. Year-to-date sales fell 8.2 percent from 27,869 to 25,576.
The median price of condos, when calculated by TWG’s traditional method, fell 4.2 percent in November from $269,435 to $258,006. The year-to-date price is down 1.9 percent from $275,000 to $269,900.
When the effect of foreclosure deeds is eliminated, condo prices in Massachusetts fell 1.3 percent in November from $275,000 last year to $270,000 this year. The year-to-date price stayed flat at $279,900 each year.
In Suffolk County, sales of single-family homes rose 9.8 percent in November from 122 to 134, while year-to-date sales fell 10.9 percent from 1,545 to 1,376. The median price there – calculated traditionally – fell 3.2 percent during the month from $327,500 to $317,000, and fell 5.7 percent year-to-date from $350,000 to $330,000. Condo sales in Suffolk County were down 29.5 percent in November from 518 to 365. Year-to-date sales fell 4 percent from 6,537 to 6,272. The median price of condos in November fell 6.1 percent from $330,000 to $310,000, while the year-to-date price decreased 2.1 percent from $337,500 to $330,500.
About The Warren Group
The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.
1-Family Home Sales in Massachusetts
By Month 2003-2007