BOSTON, Dec. 23, 2014 –The median price of a single-family home in the Bay State posted a modest increase of 1.6 percent in November, marking the tenth time prices have increased year-over-year in 2014, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
The median selling price of a single-family home in Massachusetts increased to $315,000 compared with $310,000 in November 2013. Year-to-date, the median selling price climbed 2.2 percent to $330,000 compared with $323,000 during the same period last year.
November sales of single-family homes also rose slightly, with a total of 3,878 homes sold compared with 3,871 a year earlier. Year-to-date, sales decreased by 2.4 percent, with 45,021 homes sold compared with 46,141 during the same timeframe last year.
“Ending the year with increases in both sales and prices for single-family homes is a good way to enter a new year of buying and selling,” said Timothy M. Warren Jr., CEO of The Warren Group. “We have seen sales of single-family homes inch up two months in a row now. Perhaps the good employment statistics in recent months are having a positive impact”
Condominium sales statewide decreased 14.0 percent in November. A total of 1,408 condos sold, down from 1,634 in November 2013. Year-to-date, condo sales were up slightly by almost 2.0 percent, rising to 19,073 from 18,751 during the same period last year.
The median condo price fell 4.6 percent in November to $290,000, down from $304,000 a year earlier. The year-to-date median price of condos in the Bay State was $310,000, up 4.4 percent from $297,000 a year ago.
The Warren Group offers a range of real estate products, information services and printed publications, including the weekly newspapers Banker & Tradesman and The Commercial Record. The company also presents and organizes trade shows and events for a variety of industries, including bankers, mortgage brokers, credit unions and lawyers. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. For more information about The Warren Group, visit www.thewarrengroup.com.