Sales of both single-family homes and condominiums in Massachusetts increased by double-digit percentages in October compared to October 2008, The Warren Group, publisher of Banker & Tradesman, reported November 24, 2009.
It was the fourth consecutive month that single-family home sales increased and the second straight month of increases for condo sales. The home buyer tax credit certainly has played a role in the spike in home sales.But while sales volume rose, median prices for both single-family homes and condominiums statewide slipped from year-ago levels.The decline in median home prices varies greatly depending on the community, with many communities seeing median price increases.
Single-family home sales shot up 17.2 percent to 4,295 from 3,664 in October 2008, posting the highest number of sales for the month of October since 2005. The 17.2 percent increase in October was also the biggest jump in year-over-year sales so far in 2009. Year-to-date sales dipped 1.4 percent to 34,176 from 34,651.The median price for single-family homes sold in October fell 2.8 percent to $277,000 from $285,000 in October 2008. The drop was more moderate than in the winter months when year-over-year median price declines exceeded 10 percent. But October’s 2.8 percent slide in prices exceeded the modest 1 percent drop in September.
Meanwhile, condominium sales in Massachusetts increased 12 percent to 1,854 from 1,655 in October 2008. A total of 15,308 condos sold from January through October, down 13.3 percent from 17,659 in 2008.
The condominium market has really perked up. In the first six months of 2009, the condo market saw double-digit percentage declines in sales.
The median selling price for condos dropped 8.1 percent to $240,000 in October from $261,000 during the same month in 2008. The year-to-date condo price has retreated 8.5 percent to $255,000 from $278,629.