PROVIDENCE – Massachusetts home sales reached the highest number for October in 13 years, according to The Warren Group.
There were 5,192 single-family home sales in the Bay State in October, a 5.5 percent increase year over year. Through the first 10 months of the year, home sales have increased 0.1 percent over the same 2016 period.
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“Despite a shrinking inventory, the Massachusetts real estate market continues to keep on truckin’,” said Timothy Warren, CEO of The Warren Group. “The 5.5 percent gain in sales volume last month is the biggest monthly increase since March and the prior two months showed a slight decline. Demand is strong and we would see higher sales if there were more homes on the market to choose among.”
The median price of a single-family home increased 5.9 percent year over year to $360,000 from $340,000 a year prior, marking the 19th consecutive month of year-over-year price increases.
October condominium sales in Massachusetts rose 8 percent year over year to 2,054 units. The median price of a condo in Massachusetts rose 5.3 percent year over year to $332,500 – the highest median condo price on record for October, according to The Warren Group.
In Bristol County, Mass., there were 448 single-family home sales in October, a 7.69 percent increase from the 416 sales one year prior. The median price of a single-family home in October was $285,000, a 6.92 percent increase year over year from $266,556.
There were 90 condo sales in Bristol County, Mass., in October, nine more than the previous year. The median price of a condo in the county was $230,000, a 9.45 percent decrease from the $254,000 median a year prior.
Chris Bergenheim is the PBN web editor.
