November home sales in Mass. highest since 2005
Motivated homebuyers purchased 4,539 single-family properties last month, the best November for sales since the market peak in 2005, according to data released Thursday.
Sales of single-family homes increased by 38 percent in November compared to the same month in 2011, the 11th month in a row of sales increases, according to the Warren Group, a Boston company that tracks local real estate.
Indeed, home sales in 2012 will likely be the strongest since 2006, a sign of a recovering market, said company chief executive Timothy M. Warren Jr.
“We are winding down a pretty strong year of real estate in Massachusetts,’’ he said.
Single-family median home values also improved in November, rising to $275,000, a near 2 percent increased compared to the same time last year. Home values between January and November are nearly at the same level as last year – with single family homes at $288,000, a 0.35 percent decrease compared to last year.
Condo values fared better, according to the Warren Group. The median condominium price in November rose to $275,000, a more than 7 percent jump compared to last year. Between January and November, median condo prices rose to $276,000, a 2 percent increase compared to last year, according to the Warren Group.
Buyers also purchased 1,635 condos in November, a 33 percent increase compared to the same month last year. For the year, condo sales increased 27 percent compared to 2011, according to the Warren Group.
November marked an unusual month in data tracking, Warren said, because condo and median home sales were at the same level -- $275,000.
“The popularity of condominiums as an alternative to apartment living has increased their pricing more than single-family homes,’’ he said.