Massachusetts Single-Family Home, Condo Sales Down in November on
Year-Over-Year Basis
Median single-family home, condo prices reach new all-time highs for month of November.
PEABODY, December 21, 2021 – The median sale price for both single-family homes and condominiums continued to set records in November as sales declined on a year-over-year basis, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Single-family home and condo sales were significantly impacted in 2020 as a result of economic uncertainties surrounding COVID-19. In order to give a more accurate representation of activity in the Massachusetts real estate market, we are providing two years of data as a comparison in this month’s sales report.
Single-Family Homes
Last month, there were 5,366 single-family home sales in Massachusetts, a 7.8 percent decrease from November 2020 when there were 5,819 transactions. Compared to November 2019 (4,625 transactions), single-family home sales increased 16 percent. In November 2021, the median singlefamily sale price increased 10.9 percent on a year-over-year basis to $510,000, up from $450,000 in November 2020, and up 30.4 percent from November 2019, when the median sale price was $391,000. This marked a new all-time high for the median sale price for the month of November and the eighth consecutive month that the median single-family home price has been above $500,000.
“When looking at the November sales numbers, it’s important to do a two-year analysis to get a complete picture of the Massachusetts housing market,” said Tim Warren, CEO of The Warren Group. “One might think that a 7.8 percent decrease in sales is cause for alarm, but activity is still well above where it was during a ‘normal’ marketplace. In fact, November 2021 marked the second-most singlefamily home sales we’ve ever recorded in the month of November. In the coming year I think we will continue to see median prices increase, but at a more moderate pace. Sales volume is likely to be flat given the short supply, high prices, and rising interest rates.
Year-to-date, there have been 56,538 single-family home sales in Massachusetts, a 2.3 percent increase from the first 11 months of 2020. Meanwhile, the year-to-date median single-family home price increased 14.6 percent on the same basis to $510,000.
Condominiums
There were 2,114 condominium sales in November, a 0.6 percent decrease from November 2020 when there were 2,126 condo sales. Compared to November 2019 (1,898 transactions), condo sales were up 11.4 percent. Meanwhile, the median sale price increased 8.5 percent on a year-over-year basis to $445,000 – a new high for the month of November. Compared to November 2019 ($378,000), the median condo price was up 17.7 percent.
“The condo market followed similar trends to the single-family market in November – a decline in sales on a year-over-year basis, but activity was still well above what we normally see for the month,” Warren added. “The condo market stumbled especially hard in the second and third quarters last year due to COVID-19, so there’s plenty of pent-up demand from prospective buyers that’s still playing out over a year later.”
Year-to-date, there have been 26,316 condo sales, a 21.6 percent increase from the first 11 months of
2020 with a median sale price of $455,000, a 9.6 percent increase on the same basis.
LOCAL STATISTICS: Click for a breakdown of town sales and county sales statistics.
PEABODY, November 26, 2019 – The median sale price for both single-family homes and condominiums continued to rise in October on a year-over-year basis, according to a new report from The Warren Group, publisher of Banker & Tradesman.
Last month, there were 5,224 single-family home sales recorded in Massachusetts, a 0.8 percent increase from October 2018 when there were 5,181 transactions. Meanwhile, the median single-family sale price rose 3.5 percent on a year-over-year basis to $388,000, which marked an all-time high for the month of October. Year-to-date, there have been 49,524 single-family home sales – a 1.4 percent decrease from the first ten months of 2018 – with a median sale price of $400,000 – a 3.9 percent increase on the same basis.
“And so, the record-setting continues,” said Tim Warren, CEO of The Warren Group. “The median single-family home price has reached new highs every month so far this year, and I fully expect this streak to continue for the remainder of 2019. The trend is a gradual increase in median price compared with the same month in the prior year. The increase in October was 3.5 percent, but over the first ten months of 2019, it was 3.9 percent. These are not huge gains, and in fact, the gains this year are lower than either of the two previous years.”
In October, there were 2,119 condominium sales, compared to 1,916 sales in October 2018 – a 10.6 percent increase. This marked the most condo sales seen in the month of October since 2006. Meanwhile, the median sale price spiked 11.1 percent on a year-over-year basis to $370,000 – an all-time high for the month of October. Year-to-date, there have been 20,526 condo sales – a 1.2 percent decrease – with a median sale price of $381,000 – a 4.4 percent increase from the first ten months of 2018.
“The condo market has been red hot so far this year, and October was no exception,” Warren continued. “Sales totaling 2,119 transactions marked the most condos sold in the month of October since 2006.”
