Condominium sales levels and sale prices also edged higher in November. A total of 1,723 condominiums were sold statewide this past November, a 14.5% increase from a year earlier. The November median condominium sale price hit a monthly record high of $339,900, 1.5% higher than the median posted 12 months earlier at $335,000. The MAR reports that closed condo sales have been higher or flat 10 out of the last 12 months and median condo sale prices have been up or flat 11 out of the past 12 months.

A cause for concern statewide and in Greater Boston is the continued decline in for-sale inventory. In fact, the November 2016 for-sale inventory of 14,300 single-family homes statewide is the lowest inventory level since January 2004 and signaled a 34.6% decline from November 2015's inventory when 21,862 single-family homes on the market for sale.

In Greater Boston, for-sale single-family inventory fell 30.4% in November to 2,190 units on the market from 12 months earlier when 3,145 homes were for sale in the region. Condominium for-sale inventory fell 27.4% for the same period. At the end of November, there were 1,318 condos on the market for sale in Greater Boston as compared to 1,815 a year earlier, according to a recently released report by the Greater Boston Association of Realtors.

Single-family closed sales in November rose 16.8% to 1,176 as compared to a year earlier, while condominium sales during the same period shot up 7.2% to 831 transactions. The median sale price of a single-family home in November was $524,500 in Greater Boston, an increase of 1.5% from 12 months earlier. The condominium median rose 10.2% from a year earlier to $496,500 in November 2016.

In its report, GBAR states, “Long-term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull. Prior to the election, trend shift was hard to come by, and unemployment rates have not budged since August 2015. Post-election, mortgage rates are up and so are opinions that a trend shift is likely in the near future.”

Massachusetts

WALTHAM, MA—While six in 10 Massachusetts voters were likely upset with the election of Donald Trump as President of the United States in November, the bitter campaign and the final result did little to slow down the Commonwealth's housing market.

The Massachusetts Association of Realtors reports that single-family home sales were up nearly 20% (19.9%) for the month of November at 4,784 total transactions—a new monthly record. Home sales in November 2015 totaled 3,990 home sales. Closed home sales in Massachusetts have been flat or higher 10 out of the last 12 months, while median single-family sale prices have been up or flat 11 out of the past 12 months.

The median home sale price statewide also reached a monthly high water mark in November at $365,000, which was 6% higher than a year earlier when the median price stood at $344,500.

“Any presidential election has the potential to cause buyers and sellers to hold off on getting into the market, but that wasn't the case this past fall,” says 2016 MAR president Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster, MA. “Buyers didn't let debates, political ads or low inventory keep them from staying in the market and closing on homes in November.”

Condominium sales levels and sale prices also edged higher in November. A total of 1,723 condominiums were sold statewide this past November, a 14.5% increase from a year earlier. The November median condominium sale price hit a monthly record high of $339,900, 1.5% higher than the median posted 12 months earlier at $335,000. The MAR reports that closed condo sales have been higher or flat 10 out of the last 12 months and median condo sale prices have been up or flat 11 out of the past 12 months.

A cause for concern statewide and in Greater Boston is the continued decline in for-sale inventory. In fact, the November 2016 for-sale inventory of 14,300 single-family homes statewide is the lowest inventory level since January 2004 and signaled a 34.6% decline from November 2015's inventory when 21,862 single-family homes on the market for sale.

In Greater Boston, for-sale single-family inventory fell 30.4% in November to 2,190 units on the market from 12 months earlier when 3,145 homes were for sale in the region. Condominium for-sale inventory fell 27.4% for the same period. At the end of November, there were 1,318 condos on the market for sale in Greater Boston as compared to 1,815 a year earlier, according to a recently released report by the Greater Boston Association of Realtors.

Single-family closed sales in November rose 16.8% to 1,176 as compared to a year earlier, while condominium sales during the same period shot up 7.2% to 831 transactions. The median sale price of a single-family home in November was $524,500 in Greater Boston, an increase of 1.5% from 12 months earlier. The condominium median rose 10.2% from a year earlier to $496,500 in November 2016.

In its report, GBAR states, “Long-term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull. Prior to the election, trend shift was hard to come by, and unemployment rates have not budged since August 2015. Post-election, mortgage rates are up and so are opinions that a trend shift is likely in the near future.”