Median Price Sees Significant Spike
BOSTON, November 28, 2017 – Massachusetts home sales surged last month, reaching the highest number of transactions recorded for October in 13 years, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 5,192 total sales recorded in Massachusetts, a 5.5 percent increase from October 2016, which brought the year-to-date total number of sales to 50,791. Year-to-date, single-family home sales were up 0.1 percent through October compared to the same period in 2016 (from 50,670 to 50,791).
The median single-family sale price in October increased 5.9 percent to $360,000, up from $340,000 last year, while the month-over-month median price rose 5.2 percent from $341,175 in September 2017. This marks 19 straight months of year-over-year price increases going back to April 2016.
“Despite a shrinking inventory, the Massachusetts real estate market continues to keep on truckin’,” said Timothy Warren, CEO of The Warren Group. “The 5.5 percent gain in sales volume last month is the biggest monthly increase since March and the prior two months showed a slight decline. Demand is strong and we would see higher sales if there were more homes on the market to choose among.”
Meanwhile, there were 2,054 condominiums sold in October 2017, compared to 1,889 in October 2016 – an increase of 8.0 percent. The median sale price rose by 5.3 percent, hitting $332,500 – also the highest on record for October in the Massachusetts condo market.
Year-to-date condo sales were up 3.5 percent through October compared to the same period in 2016 (an increase from 20,039 to 20,775), while the median price was up 2.7 percent over the same time (from $327,815 to $336,750).
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