In last month’s housing market update I quoted Massachusetts Association of Realtors (a.k.a MAR) President Susan Renfrew regarding a possible trend in Massachusetts home sales. At that time she stated that an increase in sales in both September and October were something to feel good about but that we would need the November data before drawing any larger conclusions. Well…let’s start drawing!
Last week MAR reported that after two straight months of year-over-year increases, single-family home sales were down 21.8% in November as compared to November 2007. Condominium sales were down 27.3% in November as compared to the same time last year. Sales were also down from a month-to-month standpoint with 2,339 detached single family homes sold in November compared to 3,250 sold in October. Condominium sales followed the same pattern.
Median prices dipped a bit as well and sat below $300,000 for the third consecutive month. Median price for a single family home in November was $283,000 while the median price for a condominium was $250,000. Across the board those numbers represent about a 9 to 14% drop in the median sales price since this time in 2007.
Susan Renfrew stated:
While prices still continue to be affordable, the uncertainty created by the September financial crisis on Wall Street caused many would-be-buyers to once again stay out of the housing market.
I agree but I think there is more to this topic and it’s definitely worth exploring a bit. In other words, I have more to say about it so stay tuned…
In the meantime, the full report is available for download here:
MA Real Estate Market Report Nov-2008 (35.9 KiB, 212 hits)
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Get to know Jacob Clayton (150 Posts)Hi, I'm Jake...and that's my dog. By day I'm Executive Director of Business Development at Barrett & Company Real Estate. By night I am part geek, struggling musician and frustrated writer. I started this blog mainly to learn WordPress, work on my design and writing skills, and showcase some folks with all kinds of talents and great stuff to say. (Read the long version if you dare) and please introduce yourself over on my Google+ Profile!
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