Median Price Continues Upward Climb

BOSTON, December 27, 2017 – Massachusetts home sales surged last month, reaching the highest number of transactions recorded for November on record, according to a new report from The Warren Group, publisher of Banker & Tradesman.

Last month, there were 5,124 total sales recorded in Massachusetts, a 1.2 percent increase from November 2016, which brought the year-to-date total number of sales to 55,968. Year-to-date, single-family home sales were up 0.4 percent through November compared to the same period in 2016 (from 55,760 to 55,968).

The median single-family sale price in November increased 5.7 percent to $369,000, up from $349,000 a year earlier. This marks 20 straight months of year-over-year price increases going back to April 2016. Meanwhile, the month-over-month median price rose 2.5 percent from $360,000 in October 2017.

“Despite decades of data points showing a significant slowdown in real estate transactions during the fall and winter months, the Massachusetts housing marketing continues to perform at an impressive rate,” said Cassidy Murphy, editorial and media relations director of The Warren Group. “As we’ve seen in previous months, the state’s unique dynamic between supply and demand continues to push prices to record highs.”

Additionally, there were 2,152 condominiums sold in November 2017, compared to 1,966 in November 2016 – an increase of 9.5 percent. The median sale price rose by 4.8 percent, hitting $351,025 – the highest November median condo price in Massachusetts since 2005.

Year-to-date condo sales were up 4.3 percent through November compared to the same period in 2016 (an increase from 22,011 to 22,965), while the median price was up 3.2 percent over the same time (from $330,000 to $340,500).

ABOUT THE WARREN GROUP
Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, industry news coverage, networking, and education opportunities. Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record and Registry Review and architect behind some of the leading events and conferences for banking, legal, and real estate professionals in all of New England. For more information visit www.thewarrengroup.com.

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