BOSTON, December 21, 2011 – Massachusetts single-family home sales rose 13 percent in November, the fifth straight month of year-over-year sales increases, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
November single-family home sales increased to 3,253 from 2,875 during the same month last year. Home sales have been bumping along the bottom in recent months – for example, the past two Octobers have been the worst on record since October 1990. November fared a bit better – beating 3,211 and 2,611 sales in 2007 and 2008, respectively.
“I’m hopeful that winding down the year on a positive note will stimulate the market in 2012,” said The Warren Group CEO Timothy M. Warren Jr. “But, a reality check of the numbers shows we may see a record low number of home sales in all of 2011, somewhere near the level in the 1990s.”
November also recorded the fewest number of homes sold statewide since April. Year-to-date home sales are down 6.7 percent – dropping to 35,168 compared to 37,698 in November 2010.
The median price of single-family homes declined 8 percent to $271,000 in November, down from $295,000 a year earlier. The median price for homes sold January through November was $290,000, down 2.5 percent from $297,500 in the prior year.
Condominium sales in Massachusetts also increased in November, rising 7.6 percent from a year earlier. A total of 1,245 condos sold last month, up from 1,157 in November 2010. Year-to-date condo sales posted a decrease, dropping 16.4 percent to 13,790 from 16,497 a year earlier.
The median condo price in November slipped 1 percent. The median selling price was $259,900, down from $262,750 a year earlier. The year-to-date median price of condos in the Bay State is $272,000, up almost 3 percent from $265,000 a year ago.