Last week the Massachusetts Association of Realtors (a.k.a MAR) reported the second straight month of increases in home sales over last year. There were 3,250 single family homes sold in October 2008 which represents an increase of 6.6% as compared to the 3,049 homes sold last year. Also for the second month in a row, the median sales price for a single family fell below $300,000 to $294,950. That represents a decrease of 10.6% as compared to the median price of $330,000 in October of last year. As I stated in last month’s update, I think it’s clear there is a direct correlation between the falling home prices and increasing sales.
MAR President Susan Renfrew stated:
As was the case in September, buyers took advantage of more affordable prices in October, which continued to drive activity. An increase in sales in each of the past two months is definitely something to feel good about, but we still need to see how sales are in November to determine if this is a trend.
The condominium market held fairly steady with sales down only 1.0% as compared to October 2007 with 1,296 units sold this year vs 1,309 units sold in 2007. Median selling price for condos was down 10.7% from $279,950 in 2007 to $250,000 in 2008.
Market Report Oct-2008 (38.0 KiB, 276 hits)
