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Massachusetts sales prices up – Number of buyers down

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Mass home sales and condos reach new highs

Massachusetts sales prices up – Number of buyers down. Median home and condo prices in the Bay State reached new highs for November last month, despite sales activity declining by double digits from 2022, according to a new Warren Group report.

Single-family homes sales fell

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November single-family home sales fell 10.6% from last year to 3,447, marking the lowest sales for the month since 2011. Meanwhile, the median single-family sale price increased 8.4% to $579,900, a new high for the month. 

Cassidy Norton, associate publisher and media relations director of the Warren Group said market conditions and trends — low inventory and high demand — remained relatively unchanged in November. 

“I don’t expect the pressure building behind this pent-up demand to be relieved this year; I think we can expect to see more of the same in the coming months due to elevated interest rates,” Norton said. “However, the Federal Reserve has indicated it intends to reduce interest rates in 2024, which may help relieve some of that pressure.”

Since January, 37,629 homes have sold, down 22.9% from the first 11 months of 2022. During the same period, the median single-family home price rose 4% to $572,000.

Condominium activity was nearly “lockstep with single-family trends in November,” Norton said. 

Condo sales down

Condo sales dropped 10.3% to 1,487 transactions, compared to 1,658 last November. Meanwhile, the median sale price increased by 5.3% to $500,000, also marking a new high for November.

“Condo sales were down by more than 10% on a year-over-year basis while median sale prices reached new all-time highs for the month,” Norton said. “However, when looking at condo trends over the last three months, there may be a glimmer of hope for prospective buyers, as the median sale prices appear to have plateaued. The median condo price has now been at $500,000 for the last three months.” 

So far this year, 17,849 condos sold across the state, down 19% from 2022, with a median sale price that’s up 4.7% to $512,900.

Source: Warren Group

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Massachusetts sales prices up – Number of buyers down

Massachusetts home sales figures for August  plummeted more than 20 percent,  according to the MLS Property Information Network.

The good news for sellers: prices increased.

Last month, 3,145 single-family homes were sold in Massachusetts, compared to 3,947 in August of last year – a 20 percent drop. Condos did not fare any better as sales dropped to 1,345 last month from 1,749 for the same month a year ago, a 23 percent dive. MLS provided the data to the Herald in advance of the Massachusetts Association of Realtors and the Warren Group data slated to be released on Sept. 28.

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Ford Realty Beacon Hill – Condo for Sale Office

Boston condos for sale - Ford Realty Inc

Boston condos for sale – Ford Realty Inc

Updated: Boston Condos for Sale Blog 2023

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