BOSTON, Dec. 29, 2015 – Massachusetts’ strong residential real estate market continued into November, posting growth of 10.3 percent year over year, according to a new report from The Warren Group, publisher of Banker & Tradesman.
There were 4,011 single-family home sales in November, compared with 3,635 in November 2014. The median sale price also rose 2.2 percent, growing from $324,900 in November 2014 to $332,000 this year.
Year to date, single-family home sales have grown 10.0 percent statewide. There have been 49,604 single-family sales so far in 2015; there were 45,113 through 11 months in 2014. Through November, the median sales price has been $340,000, up 2.3 percent from the 2014 median through 11 months of $332,500.
“The growth of the housing market in 2015 is a welcome sign that many Massachusetts residents are starting to feel confident in their own personal economic outlook,” said Cassidy Murphy, editorial director of The Warren Group. “Low inventory and pent-up demand have combined to bring up prices in many places, and enough time has passed since the recession that equity has grown sufficiently and homeowners that were once underwater on their mortgages can sell their homes.”
The condo market in Massachusetts has also been incredibly strong in its own right. There were 1,583 condo sales in November, a 16.5 percent increase from the 1,359 sales in November 2014. The median sales price was $325,000, a 12.1 percent increase from the median price of $290,000 in November last year.
Year to date, there have been 20,152 condo sales, a 6.0 percent increase from the 19,010 sales through the first 11 months in 2014. The median condo price in 2015 has been $317,147, a 2.3 percent increase of the 2014 median price through November of $310,000.