A total of 3,791 single-family homes sold in Massachusetts in September, an 8 percent increase from 3,507 sales in September 2011. Sales also increased in the third quarter – rising to 13,861 from 11,691 during the same period in 2011. Year-to-date sales are up by almost 22 percent at 35,482, compared to 29,088 during the same period a year ago.
The buyer's market of the last few years seems to have begun to shift towards sellers. With mortgage interest rates still around record lows, home buyers may not see another opportunity like there is now for many years to come.
The median price of single-family homes declined 4.5 percent to $277,000 in September, down from $290,000 a year earlier. This is the first time since May that the median price statewide dropped below $300,000. Third quarter median prices held stable, dropping just 0.6 percent to $301,250 from $303,000 in the third quarter 2011. The median price for homes sold January through September was $290,000, down 1.6 percent from $294,700 in the prior year.
The foreclosure properties left over are mostly is tough shape, thus keeping pressure on statewide prices. Home buyers that have been in the market over the past nine months know that home prices are definitely increasing in many popular communities around Boston.
In September, condominium sales rose more than 23 percent to 1,609, up from 1,306 a year ago. Massachusetts condo sales in the third quarter increased 33 percent to 6,024, compared to 4,529 during the third quarter 2011. Year-to-date condo sales were up 27.5 percent, soaring to 14,641 from 11,479 during the same period last year.
The median condo price held steady at $275,000 in September, a 0.16 percent decline to $275,450. Third quarter median prices were down 3 percent, decreasing to $281,000 from $290,000 in the prior year. The year-to-date median price of condos in Massachusetts was $279,000, up 1.5 percent from $275,000 a year ago.