Massachusetts Home Market Sluggish in November, The Warren Group Reports.Sales Drop by Double-Digit Percentages; Median Sale Prices Fall as Single-Family Home Sales Post Lowest November Figure since 1992 BOSTON -- The Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. housing market continued to slump SlumpA temporary fall in performance, often describing consistently falling security prices for several weeks or months. in November, with single-family home and condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. sales plunging plunge v. plunged, plung·ing, plung·es v.tr. 1. To thrust or throw forcefully into a substance or place: by double-digit percentages and the single-family home median sale price falling 6.5 percent, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report released today by The Warren Group. Single-family home sales dropped by 13.5 percent from November 2005 levels - their eighth double-digit percentage drop this year. Sales have now dropped from year-before levels in 25 of the last 28 months. The 4,130 homes sold in November 2006 marked the lowest sales figure for a November time period since 1992. The state's single-family home median sale price also decreased in November to $315,000 from $337,000 in November 2005. The median home sale price has now dropped in eight of the last nine months and is down more than 13 percent from the $364,000 peak registered in June 2005. While condominium sales fell by 10.1 percent from November 2005, the drop-off wasn't as steep as it was the past four months when sales fell between 19 and 28 percent. The 2,222 condos sold in November 2006 was less than comparable months in 2004 and 2005, but it exceeded all other November sales dating back at least to 1987. Statewide, the condominium median sale price dipped 1.8 percent to $269,900. "We're still in a decline, but the slope is not as steep as it was in the summer and early fall," said Timothy Warren, Jr., CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Warren Group. "We're starting to see some signs of stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders ." The data was assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. by The Warren Group, the publisher of Banker & Tradesman and the premier provider of real estate and financial data throughout New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. . The Warren Group's data includes all sales logged at registries of deeds deed n. 1. Something that is carried out; an act or action. 2. A usually praiseworthy act; a feat or exploit. 3. Action or performance in general: Deeds, not words, matter most. throughout Massachusetts. For the first 11 months of the year, Massachusetts single-family home sales are down 15 percent from the comparable period in 2005, and median prices are down 5.1 percent, to $327,500. Condo sales have fallen by 13.3 percent from the prior year while the median sale price is down 1.3 percent to $275,000. Through November this year, all 14 Massachusetts counties have seen single-family home sales decline. The declines were most pronounced in Nantucket County (29.6 percent) and Barnstable County (22 percent), while Hampshire (6.4 percent) and Hampden (7.8 percent) experienced the smallest drops. Nantucket (9.6 percent), Hampden, Berkshire and Hampshire all have posted median price increases while Suffolk's and Worcester's price drops were the largest, both exceeding 6 percent. Nantucket County, one of the state's smallest condominium markets, posted the biggest year-to-date sales and median sales price gains. Hampshire County's condo market has been particularly strong in 2006, with year-to-date sales up 17.4 percent and the median sales price up 13.3 percent. Essex's 22.9 percent sales drop was the second largest behind Dukes County's, while Franklin's 10.8 percent drop was the steepest. About The Warren Group The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion