Condominium sales also down as median price climbs for seventh-consecutive month.
PEABODY, December 26, 2019 – Massachusetts single-family home sales declined in November as the median sales price continued to trend higher, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 4,615 single-family home sales recorded in Massachusetts, an 11.9 percent decrease from November 2018 when there were 5,240 transactions. Meanwhile, the median single-family sale price rose 1.3 percent on a year-over-year basis to $390,000, which marked an all-time high for the month of November. Year-to-date, there have been 54,145 single-family home sales – a 2.3 percent decrease from the first eleven months of 2018 – with a median sale price of $400,000 – a 3.9 percent increase on the same basis.
“It’s not uncommon for single-family home sales to take a dip towards the end of the year, but a near 12 percent decline is unprecedented,” said Tim Warren, CEO of The Warren Group. “The last time November Massachusetts single-family home sales declined by a larger percent was nine years ago in November 2010 when sales plummeted almost 30 percent.”
In November, there were 1,899 condominium sales, compared to 1,996 sales in November 2018 – a 4.9 percent decrease. Meanwhile, the median sale price increased 3.6 percent on a year-over-year basis to $378,000 – an all-time high for the month of November. Year-to-date, there have been 22,426 condo sales – a 1.5 percent decrease – with a median sale price of $380,000 – a 4.1 percent increase from the first eleven months of 2018.
“Despite the year-over-year decline in the number of sales, I fully expect the condo market to round out the year on par with where it was in 2018,” Warren continued. “Units in new developments are being snatched up left and right, which continues to add upward pressure to the median sale price. But this isn’t scaring away buyers any time soon.”
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