Homes are languishing on the market across the United States, but Greater Boston keeps sneering at that trend — even during the usually slow sales season. The median sale price and the number of closed sales for single-family homes in the area reached record highs for November, the Greater Boston Association of Realtors reported Thursday.
The median sale price for a single-family home in the region last month was $588,450, a 4 percent increase over what it was in November 2017. The number of closed sales for the month (1,214) represented a 4.9 percent increase and a historical high sales total, according to the report.
Condo sales saw a 13.6 percent decrease, but the median price for a unit hit a November record: $555,000, a 2.8 percent increase from the median price for the same time period in 2017.
“The market had become more balanced and favorable to buyers since early fall, with a growing supply of homes for sale, moderation in home price appreciation, and decline in mortgage rates,” said Marie Presti, board president and broker-owner of The Presti Group in Newton and Stoneham. “When you factor in a healthy local job market, strong consumer confidence, and sizable backlog of buyers looking to enter the housing market, it’s not surprising this was the busiest November for home sales on record.”
Looking at the market month over month, however, shows welcome news for buyers.
“Prices have now fallen on a month-to-month basis in four of the past five months in the detached home market, which suggests home values may have peaked this summer,” Presti noted.
And more listings on the market will help to temper the competition. For the third consecutive month, the number of active listings in the single-family and condo markets has increased on a year-over-year basis, according to the report. “The single-family market saw a rather modest increase of 0.4 percent from 2,420 homes on market in November 2017 to 2,429 last month. The condo market experienced a more significant increase of 17 percent, as its active listings grew to 2,070 units last month, from 1,769 in November 2017.”
Statewide, there were 5,231 single-family home sales, a 2.2 percent increase from November 2017, according to The Warren Group, and the median price reached a record high for the month: $385,000, up 4.5 percent from November 2017. “Massachusetts single-family home prices and sales reached all-time highs for the month of November,” said Tim Warren, CEO of The Warren Group. “In fact, this is the first time we have seen a month-over-month increase in sales between October and November since 2012.”
Condo sales in Massachusetts decreased 7.4 last month compared with November 2017. The median price, however, was $365,000, an increase of 4 percent over the same period last year.
Here is how your community fared, according to the Greater Boston Association of Realtors report, which covers 64 municipalities:
These communities saw a 12.1 percent increase in the median single-family selling price, from $696,000 in November 2017 to $780,500 in November 2018. Condo prices dropped 2.1 percent, from $447,500 in November 2017 to $438,000. Single-family homes spent an average of 58 days on the market. For condos, it was 46.
These communities saw a 7.2 percent increase in the median single-family selling price, from $540,000 in November 2017 to $579,000 in November 2018. Condo prices rose 3.5 percent, from $405,000 in November 2017 to $419,000. Single-family homes spent an average of 41 days on the market. For condos, it was 31.
The selling price for single-family homes increased 3.1 percent, from $650,000 in November 2017 to $670,000 in October 2018. Condo prices rose 4 percent, from $625,000 in November 2017 to $650,000. Condos spent an average of 44 days on the market. For single-family homes, that number was 52.
The median selling price for a single-family home rose 4.7 percent, from $574,000 in November 2017 to $601,000 in November 2018. Condo prices increased 4.3 percent, from $387,075 in November 2017 to $403,700. Single-family homes spent an average of 57 days on the market. For condos, it was 42.
The median selling price for a single-family home was $440,000 in November 2018, a 2.2 percent decrease from the November 2017 price of $449,950. Condo prices inched up 0.7 percent, from $293,000 in November 2017 to $295,000. Condos spent an average of 49 days on the market. For single-family homes, that number was 51.
City of Boston
The median selling price for a single-family home was $609,000 in November, a 6.8 percent increase from $570,000 in November 2017. Condo prices went up 3.9 percent, from $625,000 in November 2017 to $649,500. Single-family homes spent an average of 50 days on the market. For condos, it was 47.