Massachusetts single-family home and condominium sales jumped double digits in November 2020 on a year-over-year basis while prices rose and real estate inventory continued to decline.
There were 5,322 single-family sales in November compared to 4,600 houses closed in November 2019, a 15.7 percent increase, the Massachusetts Association of Realtors (MAR) reported on December 15, 2020. There were 6,220 sales in October. The median home price jumped 18.5 percent to $480,000 from $405,000.
The number of single-family homes for sale in Massachusetts plummeted 58.9 percent in November to 5,415 compared to 13,186 houses in November 2019. November had the fewest single-family homes for sale in any November since the MAR began collecting inventory data in 2004. Single-family home listings increased 16.1 percent to 4,224 from 3,637 in November 2019.
Condominium sales in November rose 12.3 percent to 1,894 from 1,686 sales in November 2019. There were 2,215 condos sold in October 2020. The median condo price increased to $415,000 from $385,000, a 7.8 percent increase.
Condominium inventory also declined, decreasing 15.9 percent to 3,962 units on the market compared to 4,714 in November 2019. November 2020 had the fewest condos for sale in any November since the MAR began collecting homes-for-sale data in 2004. Condominium listings increased to 1,747 in November compared to 1,457 in November 2019, an 19.9 percent increase.
Mortgage Interest Rates Remain Near All-time Low.
The 30-year, fixed-rate mortgage loan interest rate averaged 2.67 percent for the week ending December 31, 2020, with an average 0.7 point, up from 2.66 percent the previous week. The 30-year note averaged 3.72 percent during the same week in 2019, according to Freddie Mac's weekly Primary Mortgage Market Survey.
"All eyes have been on mortgage rates this year, especially the 30-year fixed-rate, which has dropped more than one percentage point over the last twelve months, driving housing market activity in 2020," Sam Khater, Freddie Mac's Chief Economist, said. "Heading into 2021, we expect rates to remain flat, potentially rising modestly off their record low, but solid purchase demand and tight inventory will continue to put pressure on housing markets as well as house price growth."
New Hampshire Home Sales, Prices Increase
New Hampshire single-family homes and condominium sales and median price increased in November on a year-over-year basis, the New Hampshire Association of Realtors reported last month.
Single-family home sales increased to 1,785 in November from 1,502 in November 2019, an 18.8 percent increase. Condo sales rose 10.3 percent to 450 from 408 units sold in November 2019.
The median price of a single-family home in New Hampshire jumped 15.7 percent in November to $351,000 from $303,483 in November 2019. The median home price stood at $287,000 in November 2018. Condominium prices climbed a similar percentage, up 14.9 percent to $255,500 from $222,450. The median condo price was $223,500 in November 2018.
Real Estate inventory in New Hampshire also had a marked decline in November. Single-family homes for sale plummeted more than 60 percent on a year-over-year basis. There were 5,304 homes for sale in November 2018, 4,337 for sale in November 2019, and only 1,717 available in November 2020. Condominium inventory dropped more than 44 percent to only 500 units on the market.
Single-family and condominium listings increased in November. There were 20.5 percent more new single-family listings and 11.8 percent more condo listings.
Rhode Island Home Sales Increase in November 2020
Rhode Island single-family home and condominium sales grew double digits in November 2020 on a year-over-year basis, the Rhode Island Association of Realtors reported on December 17, 2020.
There were 1,102 houses sold in November, up 26.4 percent, from 872 sales in November 2019. The median home price increased 11.4 percent to $323,000 from $290,000 in November 2019.
Condominium sales also grew, but the median condo price fell more than 8 percent. Condo sales rose 10.9 percent from 192 in November 2019 to 213 units sold in November. The November median condo price dropped 8.3 percent to $250,000 from $272,000 on a year-over-year basis.