So, single-family home sales in Massachusetts dropped over 17%, in October, according to The Warren Group.
Year to date, sales are down seven percent.
Meanwhile, single-family home sales in Suffolk County dropped over 40%, but the overall number is pretty low to begin with – the number of sales dropped from 136 to 81.
Median single-family home prices, meanwhile, dropped over 6% in Massachusetts, and 14% in Suffolk County.
Oddly, however, the median price of condos in Suffolk County stayed flat, at $320,000, while the year-to-date price decreased 1.9 percent from $338,812 to $332,500, according to The Warren Group.
So, prices have stayed the same.
Now, an optimist might think, well, the drop in sales volume is because a lot of people can’t get mortgage loans any longer, either because they have bad or no credit, no down payments, or sketchy work history. Or, just out of bad luck.
I don’t think it’s that easy, however.
It does make you wonder, though. Why was the number higher last year? Was credit still easy last year? Was last year just too high a sales volume to be sustainable? Is buyer sentiment such that only those who have to are buying?
I find it hard to believe that this “20%” are the smart ones, and everyone else is either being forced to buy, etc., etc., etc., which is what some people believe.
Truth is, many people have been unaffected by the slowdown in the real estate market. Their incomes are secure, their jobs are secure, they are going on with their lives.
Sort of like when you’re on the highway and see a car pulled over to the side of the road.
You slow down to take a look, but then you move on.
Wait, did that car slow down because of the heavy rain and fog in the road up ahead?
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Updated: 1st Q 2018
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