October Home Sales Broke a Record This Year
Last month saw the largest number of transactions in 13 years.
October turned out to be a better-than-expected month for real estate in Massachusetts.
According to a new report from real estate tracking firm the Warren Group, Mass. home sales hit a 13-year high for the month of October. The total 5,192 transactions recorded surpassed October 2016’s sales by a 5.5 percent margin. The increase, which is the largest jump since March, comes after two months of declining home sales.
“Despite a shrinking inventory, the Massachusetts real estate market continues to keep on truckin’,” said Timothy Warren, CEO of the Warren Group, in a statement.
The recent surge in sales could have reached even higher limits if not for the current state of the market, according to Warren.
“Demand is strong and we would see higher sales if there were more homes on the market to choose among,” he said.
It’s this inventory shortage that’s driving home prices upward. The median sale price of a single-family home in October increased 5.9 percent since 2016. It’s up to $360,000 from $340,000 last year.
Unlike in September, when home and condo sales dropped, both single-family home and condo sales increased in October. A total of 2,054 condos sold in October 2017, an eight percent increase in sales since October 2016. The median sale price for condos rose 5.3 percent to $332,500, marking the highest price on record for October in the state.
Plenty of stunning homes hit the market last month, too. You can see our picks of the prettiest ones here.