Sales volume for both single-family homes and condos experience declines.
PEABODY, MA, November 28, 2018 – The median sale price for both single-family homes and condominiums increased in October as inventory levels dwindle across Massachusetts, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 5,175 single-family home sales in Massachusetts, a 0.9 percent decrease from October 2017. The median single-family home price increased 3.9 percent to $374,000, up from $360,000 a year earlier. This is the highest median single-family home price ever achieved for the month of October. Year-to-date, the median price rose 5.5 percent to $385,000, while sales edged 1.4 percent lower with 50,149 transactions.
“Despite the shrinking single-family home inventory across Massachusetts, sales are more or less on par with where they were in October 2017,” said The Warren Group’s CEO, Tim Warren. “Demand continues to be strong, and there’s no doubt in my mind that if there were additional homes available on the market, we would have seen a spike in sales last month.”
Concurrently, there were 4,587 purchase mortgages for single-family homes in October, marking a 1.3 percent decrease on a year-over-year basis. October purchase mortgages totaled $1.76 billion – a 4.2 percent decrease from a year earlier. Year-to-date, single-family homes have accounted for 44,533 purchase mortgages across Massachusetts totaling $17.42 billion.
Condominium sales in October totaled 1,920 transactions, marking a 7.6 percent decrease from a year earlier. Meanwhile, the median condo price increased 0.5 percent to $333,000 – the highest amount ever achieved for the month of October. Year-to-date, condo sales increased 0.2 percent with 20,774 transactions compared to the same period in 2017, while the median price rose 7.4 percent to $365,000.
Condos accounted for 1,324 purchase mortgages last month, a 14.2 percent decrease on a year-over-year basis. October condo purchase mortgages totaled $424 million, a 14.3 percent decrease from October 2017’s $495 million. Year-to-date, condos have accounted for 15,057 purchase mortgages totaling $5.28 billion.
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Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group 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. For more information visit www.thewarrengroup.com.