Real Estate Market No ‘Turkey’ in November as Massachusetts Home Sales Closed Up Again

by Eric Berman - eberman@marealtor.com - 781-839-5507 | Dec 29, 2015

Median prices of condominiums approaching those of single-family homes

WALTHAM, Mass. – December 29, 2015 – The Massachusetts Association of REALTORS® (MAR) reported today that home buyers were able to find enough time between Thanksgiving and holiday shopping to push closed home sales up over eight percent in November. This is the sixth straight month of year-over-year increases in single-family home sales. While median prices for single-family homes went up four and half percent, it was condominiums that had the biggest year-over-year increase so far in 2015 at over 10 percent.

November Closed Sales: 

Single-Family

November 2015

November 2014

%Change

Sales

3,915

3,622

+8.1%

Median Price

$345,000

$330,000

+4.5%

  • Closed sales have been up 10 out of the last 17 months
  • Median prices have been up 15 out of the last 17 months

Condominium

November 2015

November 2014

%Change

Sales

1,453

1,383

+5.1%

Median Price

$335,000

$304,000

+10.2%

  • Closed sales have been up six of the last 17 months
  • Median prices have been up 13 out of the last 17 months

“While most people in Massachusetts were focused on raking, getting ready for Thanksgiving and shopping in November, homebuyers stayed focused and once again push closed home sales up,” said 2015 MAR President Corinne Fitzgerald, broker-owner of FITZGERALD Real Estate in Greenfield. “Buyer demand remains strong even with the recent interest rate increase by the Federal Reserve Bank in December.” 

Inventory and Days on Market:

Single-Family

November 2015

November 2014

%Change

Inventory

18,595

22,667

-18.0%

Months of Supply

4.0

5.6

-28.6%

Days on Market

95

101

-5.9%

New Listings

4,180

3,595

+16.3%

  • 46th straight month of year-over-year inventory decreases

Condominium

November 2015

November 2014

%Change

Inventory

4,602

5,628

-18.2%

Months of Supply

2.6

3.4

-23.5%

Days on Market

72

80

-10.0%

New Listings

1,539

1,353

+13.7%

  • 61st straight month of year-over-year inventory decreases

About the Massachusetts Association of REALTORS®:

Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 21,000+ members.  The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.

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Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.