In Massachusetts, the sales pace for single-family homes was on the rise during October, for the fourth consecutive month of year-over-year sales increases in the region. However, the state's housing market continues to struggle overall, with a 9 percent drop in total sales volume recorded for 2012.[IMAGE]
In October, Massachusetts' single-family home sales stood at 3,189, up from 2,992 sales for the same month during 2010. Alternately, condominium sales in the state suffered during the period, with a year-over-year drop in sales of 12.1 percent; there were only 1,039 condos sold in the area, compared to 1,182 last October.
Generally, single-family home sales in Massachusetts are down in terms of the year-to-date pace; by October of last year, around 34,823 homes had sold in the state, while only 31,737 sales have been completed for the same time frame this year. Additionally, Massachusetts' condo sales are also depressed year-to-date, falling to 12,337 off of 15,340 for the same period last year.
The recent sales study, released by ""The Warren Group"":www.thewarrengroup.com/, showed that median pricing is trending lower on a year-over-year basis as well. The median price for single-family homes in Massachusetts dropped 7 percent to land at $270,000 for October, and the year-to-date median pricing for homes in the state remains down by 1.7 percent when compared to 2010. Median prices for condos rose in October, with pricing in the sector up 1.5 percent.
Timothy M. Warren Jr., CEO of The Warren Group, commented on the findings saying, ""Four months of increasing sales volume is a good sign for the real estate market and an indication of improving consumer confidence. However, there is no getting around the fact that the market is still slow and sales will be lower in 2011 than either of the previous years.""
Warren extended his statements, noting, ""Prices have held steady in the past few months, so a near 7 percent drop in prices is a bit unexpected. It could indicate buyers are pursing bargains and not encountering much competition.""