November Home Sales in Massachusetts Down 3%, Prices Up 7%
Massachusetts home sales fell 3% in November this year compared to November home sales last year. There were 5,876 homes of all types (single-family, condo, and multi-family) sold in Massachusetts in November compared to 6,080 last November.
We aren’t surprised home sales in Massachusetts are down because buyer activity was unusually slow in both September and October market wide.
The number of single-family home sales dropped just half a percent: 3,878 sold last month compared to 3,902 in November 2013. The biggest drop in number of home sales occurred with condo sales. There were 1,408 condo sales in November of this year compared to 1,609 last November, a decrease of 12%. Multi-family home sales rose 3% from 590 in November of this year compared to 569 last November.
Home prices for all home types increased 7%, from $381,912 last month compared to $355,348 last November. Average selling prices for single-family homes showed the biggest gain. The average price for a single-family home in Massachusetts was $438,465, an increase of 12% compared to prices last November when they sold for an average of $391,291. This is the highest average selling price for single-family homes so far this year.
The average selling price for a condo rose from $290,338 to $293,685, an increase of 1%. Multi-family home prices rose 2% from $368,185 to $375,182.
Last month we predicted home sales would be down in Massachusetts, but expected them to be up in Southern New Hampshire (Cheshire, Hillsborough, and Rockingham Counties).
Although sales of condos and multi-family homes did increase in Southern New Hampshire compared to November last year, due to lower sales of single-family homes, the overall home sales in Southern New Hampshire dropped 2%. 763 homes of all types sold in Southern New Hampshire last month compared to 782 in November 2013.
Overall home prices in Southern New Hampshire rose 7% last month compared to prices in November 2013. The average price for a home was $250,067 in November 2014 compared to $234,797 last year.