Condos sales decline as prices continue upward climb.
PEABODY, MA, December 27, 2018 – The median sale price for single-family homes reached an all-time high for the month of November, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 5,231 single-family home sales in Massachusetts, a 2.2 percent increase from November 2017. The median single-family home price increased 4.5 percent to $385,000, up from $368,000 a year earlier. This is the highest median single-family home price has ever achieved in November, while the sales volume also reached an all-time high for the month. Year-to-date, the median price rose 5.5 percent to $385,000, while sales fell 1.1 percent to 55,389 transactions.
“Massachusetts single-family home prices and sales reached all-time highs for the month of November,” said Tim Warren, CEO of The Warren Group. “In fact, this is the first time we have seen a month-over-month increase in sales between October and November since 2012.”
Concurrently, there were 4,658 purchase mortgages for single-family homes in November, marking a 2.2 percent increase on a year-over-year basis. November purchase mortgages totaled $1.77 billion – a 4.2 percent increase from a year earlier. Year-to-date, single-family homes have accounted for 49,202 purchase mortgages across Massachusetts totaling $19.2 billion.
Condominium sales in November totaled 1,991 transactions, marking a 7.4 percent decrease from a year earlier. Meanwhile, the median condo price increased 4.0 percent to $365,000. Year-to-date, condo sales increased 0.9 percent with 22,762 transactions compared to the same period in 2017, while the median price rose 7.2 percent to $365,000.
Condos accounted for 1,435 purchase mortgages last month, totaling $424 million. Year-to-date, condos have accounted for 15,057 purchase mortgages totaling $5.28 billion.
ABOUT THE WARREN GROUP
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.