Sales of single family homes and condo's rise by double digits!

According to the Warren Group sales fo single family homes sales are up just over 17% and residential condo sales are up 12% from a October of last year! The time may never be better to take advantage of low prices, low interest rates and tax incentives.

Read the full article below from the Warren Group:

But while sales volume rose, median prices for both single-family homes and condominiums statewide slipped from year-ago levels.

"Sales volume has increased for four consecutive months so I think that there's some evidence here that a housing recovery is on its way. But we can't say that the housing market has completely turned the corner yet because median home prices are still declining year-over-year," said Timothy M. Warren Jr., CEO of The Warren Group.

Single-family home sales shot up 17.2 percent to 4,295 from 3,664 in October 2008, posting the highest number of sales for the month of October since 2005. The 17.2 percent increase in October was also the biggest jump in year-over-year sales so far in 2009. Year-to-date sales dipped 1.4 percent to 34,176 from 34,651.

"The tax credit that's being offered to homebuyers has certainly stimulated home sales. And while unemployment is still a concern, I think that people who have jobs are probably feeling a little bit more optimistic about the financial markets and the overall economy and they're more willing to go out and make big purchases like buying a home," Warren noted.

The median price for single-family homes sold in October fell 2.8 percent to $277,000 from $285,000. The drop was more moderate than in the winter months when year-over-year median price declines exceeded 10 percent. But October's 2.8 percent slide in prices exceeded the modest 1 percent drop in September.

Meanwhile, condominium sales in Massachusetts increased 12 percent to 1,854 from 1,655 in October 2008. It was the second straight month that condo sales rose year-over-year. September condo sales were up 3.5 percent from the prior year. A total of 15,308 condos sold from January through October, down 13.3 percent from 17,659 in 2008.

"This is a significant reversal for the condo market, which in the first six months of 2009 saw double-digit percentage declines in sales," Warren said.

The median selling price for condos dropped 8.1 percent to $240,000 in October from $261,000 during the same month in 2008. The year-to-date condo price has retreated 8.5 percent to $255,000 from $278,629.