Massachusetts single-family home sales plummet in October

Single-family home and condo sales in the Bay State dropped significantly in October, as median prices continued to climb.Massachusetts single-family home sales fell 21.2 percent year over year as shrinking inventory levels and record-high prices continued to hold back buyers.

The Warren Group’s Massachusetts Sales Report for October 2021 found single-family home sales fell to 5,285 from 6,704 a year ago. Compared to October 2019, home sales increased 1 percent.
The median sale price marked another all-time high for October at $500,000, up from $455,000 last year and up 28.5 percent from October 2019 $389,000 price.Warren Group CEO Tim Warren said at first glance, the casual observer could think a 21.2 percent decline in October single-family home sales would be cause for concern, but that’s not necessarily the case.

“I would point out that the second half of 2020 was an extraordinary six months for home sales due to the disruption to the 2020 spring market by COVID-19,” Warren said in a press release. “October sales this year beat the number in October 2019 and every other October all the way back to 2004. Somehow, despite low inventory, high prices and rising interest rates, homes keep selling at a pretty good clip, and prices continue their upward climb.”

Condominium sales also declined in October, falling 15.8 percent to 2,089, compared to 2,482 last year and down 1.4 percent from October 2019. Last month, the median condominium sale price rose 3.7 percent to $425,000, a new high for the month. The median condo price was up 14.9 percent from October 2019.
“Our three-year condo sales comparison followed trends similar to single-family homes – there was a massive spike in activity in October 2020, but activity has more or less settled and returned to seasonal norms,” Warren said.

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First Time Home Buying in Massachusetts

MABA Buyer Agents help first time home buyers reduce the stress and frustration normally associated with buying a home or condo – especially for first time home buyers.

As a first time homebuyer in Massachusetts, you can turn to our non-profit organization to help you understand and navigate the complexities of the entire Massachusetts real estate transaction, from mortgage pre-approval until you are handed the keys to your new home or condominium. Each of our member buyer's brokers and agents works only for their buyer-clients and never for the seller of the home or condo that their buyers want to buy.

MABA Buyer Agents will take the time to learn about you and your real estate goals, help you understand your options, including first time home buyer programs, properties and/or condominium associations, estimate real property values and put together a negotiating strategy to help you increase the odds of getting your offer accepted in our competitive Massachusetts real estate market. After advocating to get your offer accepted, your MABA buyer's agent will be there for you at your home inspection and help you protect your deposit through the inspection, purchase & sale and financing contingency periods.

You can buy your first home or condo with confidence knowing that your MABA buyer agent is committed to saving you time and money and helping you make your best home buying decision.

Who Pays the Home Buyer's Agent?

Both seller's agent fees and buyer agent's fees are part of a typical real estate transaction and are included in the final negotiated purchase price of the property. There should be no additional fees to the buyer for a buyer's agent above and beyond the negotiated purchase price of a home unless specifically agreed in writing between the buyer and agent before an offer is made.

In most cases, the seller's agent pays the buyer's agent for bringing the buyer, negotiating the purchase price and terms, writing a legally correct offer, coordinating inspections, responses, and financing plus handling numerous additional details on the buyer's side of the transaction.

Buyers should avoid contacting seller's agents and sellers directly unless they are comfortable negotiating and representing themselves. That is why it is important for buyers to choose their agents BEFORE they begin looking at homes or as soon as possible if they have begun looking.

Did you know that fewer than one percent of the agents and brokers in Massachusetts have committed to being 100% loyal to their buyers 100% of the time?

To learn more about the pros and cons of various types of buyer agents, or to get a list of experienced local 100% loyal buyer's agents to interview without obligation, click the button below.

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Selecting the Right Homebuyer's agent

Unlike most other real estate agents, a MABA home buyer's broker never represents both a buyer and seller in the same transaction so you never have to worry whether a MABA agent is really looking out for your best financial interests. A MABA buyer's agent acts as your advocate, real estate educator, advisor and negotiator, always loyal to you and dedicated to helping you find and buy the best home with the best terms at the price and showing you which homes to avoid along the way.

Fewer than one percent of the agents and brokers in Massachusetts meet our high standards. 

Whether you are ready to buy now or just beginning your home buying journey, click here to choose a Great Buyer's Agent to answer all of your home buying questions!