As temperatures keep dropping going into the winter months, sales figures keeping climbing. Reports for the past autumn month of October show that sales of single-family homes rose again in October, increasing nearly 19 percent from a year earlier amid shrinking inventory and rising prices.
A total of 4,326 single-family homes were sold in Massachusetts in October, an 18.5-percent increase from 3,649 sales in October 2012. Year-to-date, sales are up more than 7 percent at 42,077, compared to 39,239 during the same period last year.
Most of the speed of sales are caused by baby boomers cashing out on their property investments, riding out the recent wave of sales and investments in the Northeast region. But as volume rose, so did prices.
The median price of single-family homes rose almost 10 percent in October to $313,050. This is the state's highest median price for the month since October 2007, when it was $331,000. The median price for homes sold January through October was $324,900, up more than 12 percent from $289,000 in the prior year.
Yet, the market is unstoppable as proven by the quick turnover of high-end properties in suburbs.
In October, statewide condominium sales statewide rose 16 percent, increasing to 1,724 from 1,487 a year ago. Year-to-date condo sales are up 5.8 percent to 17,089 from 16,152 during the same period last year.
The median condo price rose to $299,500 in October, a 13-percent increase from $265,000 a year earlier. The year-to-date median price of condos in the Bay State is $295,000, up 7 percent from $267,500 a year ago.
Single-family home inventory at the end of October, fell 19.9 percent to 20,716 listings compared to a year ago when there were 25,877 listings, while the inventory of condominiums was 5,582, down 26.1 percent compared to last year when there were 7,557 listings.
Average market time for single-family homes in October was 92 days compared to 114 days in October 2012, the trade group. Condos stayed on the market an average of 78 days, down from an average of 114 days in October 2012.
Million Dollar Condos
Prices of condominium properties in the city rose 23 percent from January to October of this year compared to 2009. Compared to 2012 however, the number of listings priced at $1 million and over have doubled.
Though most of Boston's neighborhoods are experiencing the real estate recovery, three Boston districts are ruling the condo turnover scene, according to Curbed.com's Tom Acitelli. Midtown - comprising of Financial District, Chinatown, and parts of Beacon Hill - lead the pack, particularly because of Millennium Residences' rise, as well as 45 Province's renewed vigor to sell its few remaining units.
Now far behind is the quintessential and famed favorite South End. Last year, only a handful of condo properties in the neighborhood closed above the $1 million mark. This year however, one out of four have closed well above that threshold. Of course, this does not top that of the Back Bay - where 40 percent of all closings in 2013 were above $1 million. One difference that sets the South End apart is that there are no huge condo buildings that comprise the bulk of sales and listings. Instead, the neighborhood's dozens of different addresses - brownstone or converted and remodeled - make up the closings that passed the million dollar mark. One option that is fast becoming a hot complex though is Sepia in Ink Block. Check it out here.
Last but not least, Charlestown comes in at third. In past years, only one or two condos in this Cambridge and Boston suburb reached the million dollar mark. This year however, there have been 24 units in total! Most of these listings were from newly constructed townhouses right by the Navy Yard. Indeed, a good location to invest, as new-construction town homes are becoming a rarity in the central city of Boston itself.