Massachusetts Home Sales Rise More Than 16%, Prices Up in October 2015

The Massachusetts real estate market continued its strong 2015 in October, with double-digit sales increases and modest home price increases statewide. 

The number of single-family homes sold in the red-hot Bay State real estate market increased 16.3 percent to 5,127 compared with 4,407 home sales in October 2014, The Warren Group, publisher of Banker & Tradesman, reported November 24, 2015. 

Through October single-family home sales increased 10.8 percent to 45,588 homes sold compared with 41,146 sales during the same 10-month period in 2014. Home sales typically take between 30 and 60 days to close after a homebuyer's offer is accepted by a seller. 

The real estate market really took off this year once the snow melted in the spring. Through May 2015 real estate sales where actually down 1.7 percent compared to 2014, but once the home-buying began in mid April homebuyers bought homes at a incredible rate. From June through October, there were 30,350 single-family homes sold, an 18.3 percent increase compared to 25,652 during the same time frame in 2014. Two-thirds, 67 percent, of all single-family home sales in 2015 occurred in that five-month stretch, an unprecedented percentage for that five-month period. The Warren Group adopted its current method for compiling real estate sales data in 1987. In every other year since 1987, home sales recorded June through October have accounted for between 46 and 53 percent of the sold properties through October.

Massachusetts condominium sales also were concentrated in the June through October period this year. In the June to October stretch there were 11,993 condos sold, 65 percent of this year’s total of 18,569 through October. Similar to single-family houses, that percentage has not ever been more than 52 percent in any year since 1987. In October there were 1,942 condo units sold, a 7.7 percent increase from the 1,804 condos sold in October 2014.

There is little doubt that the Massachusetts real estate market has been red hot over the past five months. 

The median price of a single-family home increased 2.19 percent in October to $327,000 compared to $320,000 in October 2014. Through October the median price in Massachusetts increased 2.14 percent to $340,000. The median price of a condominium increased 7.7 percent in October to $315,000. The median price through October also was $315,000, a 1.61 percent increase. Many Greater Boston Area cities and towns have seen greater price increases through October.