Massachusetts Single-Family Home, Condo Sales Showed No Sign of Slowing Down in November
Median single-family home price up nearly 25 percent from November 2019.
PEABODY, December 15, 2020 –Single-family home and condo sales continued to surge across Massachusetts in November, setting new records in the process, according to a new report from The Warren Group, the leading provider of real estate transaction and property data.
Last month, there were 5,773 single-family home sales in Massachusetts – the most transactions ever recorded in November. This marked a 24.8 percent increase from November 2019 when there were 4,625 transactions. Meanwhile, the median single-family home price increased 17.6 percent on a year-over-year basis to $460,000 – an all-time high for single-family homes in the month of November. The median single-family home price in Massachusetts has now exceeded $450,000 for five consecutive months.
“The frenzy for single-family homes in Massachusetts showed no sign of slowing down in November,” said Tim Warren, CEO of The Warren Group. “Normally, the number of closed sales slow down in the fourth quarter of the year. This year November sales exceed June sales. The pandemic has shifted sales from the second quarter to later in the year. Sales in vacation communities such as Nantucket and Martha’s Vineyard are especially strong while sales in Suffolk county fell by 11.0 percent. Buyers are taking advantage of rock-bottom interest rates and the ability to work from home to set their sights on communities further and further from their offices now that community is less of a factor for many prospective buyers.”
Year-to-date, there have been 55,034 single-family home sales – a 1.5 percent increase from the first eleven months of 2019. Meanwhile, the median single-family sale price hit $445,000 – an 11.3 percent increase on the same basis.
Additionally, there were 2,115 condo sales in November, an 11.4 percent increase from November 2019 when there were 1,898 transactions. Meanwhile, the median sale price increased 8.5 percent of a year-over-year basis to $410,000 – a new all-time high for the month of November. Year-to-date, there have been 21,644 condo sales – a 3.5 percent decrease from the first eleven months of 2019 – with a median sale price of $415,000, a 9.2 percent increase on the same basis.
“The condo market also saw healthy gains in November, but not on the same level of single-family homes,” Warren continued. “The median price of condos in Suffolk and Middlesex counties actually fell in November.”