Industry News

Condo sales set record in Massachusetts

Affordability, new construction steer buyers from single-family market

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Sales of detached single-family homes in Massachusetts eased in the third quarter from last year's record sales pace, but remained at a historically high level, while condominium sales continued to climb sharply this summer to an all-time quarterly high, according to data issued by the Massachusetts Association of Realtors. The MAR report shows that sales of detached single-family homes declined 2.4 percent across the Bay State in the three months from July-September 2005, slipping from a record high of 15,705 homes sold in the third quarter of 2004 to 15,324 in the same quarter this year. Despite the modest decline in activity, the 2005 third-quarter sales volume is the second highest on record for one quarter in state history. Meanwhile, condominium sales soared to a new high this summer, increasing 14.4 percent from 6,228 condos sold in the third quarter last year to 7,124 in third-quarter 2005. It's the second consecutive quarter condo sales set a record, eclipsing the prior ...