November 25, 2008 Elad Bushari

Single-family home sales in Massachusetts jumped nearly 14 percent in October from a year ago, the second consecutive month that sales increased, according to Banker & Tradesman. But home prices failed to recover, with the statewide median home price falling by more than 10 percent during the month compared to a year ago.

Single-family home sales rose 13.7 percent to 3,698 from 3,253 in October 2007. Year-to-date sales, however, are 12 percent lower than they were in 2007. A total of 34,668 single-family home sales transactions were recorded in the first 10 months of 2008, down from 39,383 a year earlier.

Plymouth, Berkshire and Suffolk counties experienced the biggest boost in single-family home sales in October. In Suffolk County, sales surged 71.2 percent to 125 from 73 in October 2007. Berkshire County home sales climbed 35 percent to 139 from 103, while Plymouth County saw its sales increase 24.7 percent to 379 from 304.

Meanwhile, the median single-family home price in Massachusetts tumbled 13.9 percent to $285,000 in October from $331,000 a year earlier. The year-to-date median home price has fallen to $310,000 – 11.2 percent lower than last year’s $349,000 median price.

The steepest declines in median home prices so far this year have occurred in Barnstable, Bristol and Worcester counties, where prices are off by about 13 percent from 2007.

Condominium sales in October fell but not as sharply as in previous months this year. Condo sales were down 7.4 percent to 1,660 from 1,792 in October 2007. Year-to-date condo sales have sunk 22.7 percent to 17,665 from 22,854.

The median condo price dipped 5.5 percent to $260,000 in October from $275,000 last year. The year-to-date condo price is $278,000, 1.5 percent lower than $282,255 in 2007.

Elad Bushari

Elad Bushari is the Broker / Owner of Bushari Group Real Estate and a National "30 Under 30" Honoree by REALTOR Magazine in 2009.

Leave a Reply

Your email address will not be published. Required fields are marked *