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.


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