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Mass. home prices hit record highs for October as sales numbers drop

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The median sale price for single-family homes and condos in Massachusetts reached record highs for October even though the number of sales and inventory for both declined, the Warren Group reported Wednesday.

The median sale price for a single-family home in Massachusetts last month was $374,000, a 3.9 percent increase over what it was in October 2017. For condos, the median sale price was $333,000, a 0.5 percent increase, according to the Warren Group, publisher of Banker & Tradesman.

Prices were up, but sales were down. “Last month, there were 5,175 single-family home sales in Massachusetts, a 0.9 percent decrease from October 2017,” the report said. Condominium sales in October totaled 1,920 transactions, marking a 7.6 percent decrease from a year earlier.

“Despite the shrinking single-family home inventory across Massachusetts, sales are more or less on par with where they were in October 2017,” said Tim Warren, CEO. “Demand continues to be strong, and there’s no doubt in my mind that if there were additional homes available on the market, we would have seen a spike in sales last month.”

In Greater Boston, the news was even more disappointing for house hunters. Sales were higher than the usual October average — but so were prices, according to the Greater Boston Association of Realtors (GBAR). The median sales price for a single-family home reached a record high for October, $605,000, a 7.1 percent increase from that same period in 2017. The median sales price for a condo also broke the record, coming in at $542,000, reflecting a 7.3 percent increase.

The number of condo sales in Greater Boston dropped 8.6 percent over October 2017, as did the number of single-family home sales, by 4.4 percent, the GBAR reported. The multifamily home market saw a median sales price drop 1.8 percent to $835,000 but a 20.8 percent increase in the number of units sold.

The number of single-family homes on the market was 5 percent higher than it was in October 2017. The number of condo listings also was up — by 13.9 percent.

How did your community fare?

Central Middlesex County
ActonBedfordBoxboroughConcordHudsonLexingtonLincolnMaynardStowSudburyWayland, and Weston

These communities saw a 23.2 percent increase in the median single-family selling price, from $661,500 in October 2017 to $815,000 in October 2018. Condo prices dropped 16.1 percent, from $387,450 in October 2017 to $325,000. Single-family homes spent an average of 58 days on the market. For condos, it was 71.

Eastern Middlesex
BurlingtonMaldenMedfordMelrose, North Reading, ReadingStonehamWakefieldWilmingtonWinchester, and Woburn

These communities saw a 1.5 percent increase in the median single-family selling price, from $566,500 in October 2017 to $575,000 in October 2018. Condo prices jumped 18.2 percent, from $395,000 in October 2017 to $466,900. Single-family homes spent an average of 36 days on the market. For condos, it was 33.

Metro Boston
Arlington, Belmont, BostonBrooklineCambridge, Chelsea, Dedham, Everett, MiltonNewton, Revere, SomervilleWalthamWatertown, and Winthrop

The selling price for single-family homes increased 13.7 percent, from $625,000 in October 2017 to $710,500 in October 2018. Condo prices rose 5.8 percent, from $600,000 in October 2017 to $635,000. Condos spent an average of 35 days on the market. For single-family homes, that number was 40.

Metrowest
AshlandDoverFraminghamHollistonHopkintonMedfieldMedwayMillisNatickNeedhamSherborn, and Wellesley

The median selling price for a single-family home rose 12 percent, from $581,000 in October 2017 to $651,000 in October 2018. Condo prices plummeted by 22.4 percent, from $425,000 in October 2017 to $330,000. Single-family homes spent an average of 56 days on the market. For condos, it was 42.

Southern Norfolk County
AvonBellinghamCantonFoxboroughFranklinMansfieldNorfolkNorwood, Randolph, SharonStoughtonWalpoleWestwood, and Wrentham

The median selling price for a single-family home here was $437,450 in October 2018, a 0.8 percent increase from the October 2017 price of $434,000. Condo prices slipped 0.9 percent, from $275,500 in October 2017 to $273,000. Condos spent an average of 48 days on the market. For single-family homes, that number was 45.

City of Boston

The median selling price for a single-family home here was $640,000 in October, a 4.9 percent increase from $610,000 in October 2017. Condo prices went up 0.6 percent, from $611,500 in October 2017 to $615,500. Single-family homes spent an average of 32 days on the market. For condos, it was 39.

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