November Mass. home sales dip to lowest level since pre-2004
Photo | Grant Welker
New homes being built at Arboretum Village Estates in Worcester. Far fewer homes are hitting the market in Massachusetts these days.
The number of Massachusetts single-family home and condominium sales fell year-over-year last month, while prices rose, the Massachusetts Association of Realtors reported Thursday.
The lower sales volume stood out the most: the 4,966 sales for the month was the lowest for any November since the association began reporting the data in 2004. Sale closings for single-family homes have now been down or flat in nine out of the last 12 months.
Condos have also been much slower to move. Fewer than 1,800 condos sold in November statewide, down nearly 12 percent from last year. Condo sales have been down or flat for eight of the last 12 months.
“Being a home buyer in November was like going to the supermarket to prepare for your Thanksgiving meal, but when you got to the store, there was almost nothing to buy,” MAR President Rita Coffey said. “No matter how we describe it, this is a trend that will most likely continue until more homes are available for sale.”
Inventory was down year-to-year by nearly one-tenth, and homes lasted an average of just 61 days on the market, a nearly 8-percent drop from last year.
At the same time, prices keep rising.
The median sale price for a single-family home was $395,000, up 4.1 percent from the prior year. The median condo sale was $375,000, up 1.4 percent.
Median prices for homes has been up or flat in 35 of the last 36 months, while condo prices have been up or flat in 34 of the last 36 months, according to MAR data.
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