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The Mass. housing market – explained in simple English

Massachusetts home, condo sales decline significantly in November

November brought significant declines to the Bay State’s single-family home and condo sales. Despite those declines, median prices continued to climb and set records. 

Single-family Home Sales

The Warren Group’s Massachusetts Sales Report for November 2021 found single-family home sales fell 7.8% to 5,366 from 5,819 a year ago. Compared to November 2019, however, home sales were up 16%.

The median real estate sale price marked another all-time high for November at $510,000, up from $450,000 last year and up 30.4% from November 2019’s $391,000 price. Year to date, 56,538 single-family homes sold in Massachusetts, up 2.3% from the first 11 months of 2020, according to the report.

Warren Group CEO Tim Warren said while one might think a 7.8% decrease in sales is a cause for alarm, activity is still well above where it would be during a “normal marketplace.”

“In fact, November 2021 marked the second-most single-family home sales we’ve ever recorded in the month of November,” he said. “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.”

Condominium Sales

Condominium sales also declined in November, falling 0.6% to 2,114, compared to 2,126 a year earlier and up 11.4% from November 2019. Last month, the median condominium sale price rose 8.5% to $445,000, a new high for the month. The median condo price was up 17.7% from November 2019.

Warren said the condo market followed trends similar to the single-family home sector, with sales declines on a year over year basis, but activity well above what’s normally seen this time of year.

“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,” he said.

Condo Sales and the Bottom Line

There were 26,316 condo sales year to date, an increase of 21.6% from the first 11 months of 2020, while the median condominium sale price grew 9.6% to $455,000.

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Boston News, Weather, Sports | FOX 25 | MyFoxBoston

Tim Warren of the Warren Group appeared on Fox 25 last week to explain his recent stats showing how hot the Mass. housing market has become in recent months.

But he made some good points that can’t be stressed enough:

1.) Sure, there’s a low inventory of home out there now. But that might be the result of sellers waiting for prices to finally and fully rebound to their pre-recession highs, Warren said.

2.) Meanwhile, there’s simply a lot of pent up demand for housing, he said. “They (buyers) were just too scared to do anything in the recession,” Warren said.

And now they’re not scared.

He really explains well the basic supply-and-demands problems that’s making this one of the most vexing housing markets in decades.

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Updated: Boston real estate blog 2021/2022