Number of single-family homes and condominiums for sale at record monthly lows.
WALTHAM, Mass. – April 22, 2020 – The Massachusetts Association of Realtors® (MAR) reported today that, compared to the same time last year, median price for single-family homes saw a six percent increase to $416,000 and median price for condominiums saw a 14 percent increase to $428,500. Closed sales for single-family homes were down one percent and closed sales for condominiums were also down almost three percent in March. In addition, this month saw the lowest number of homes for sale in the month of March since MAR began reporting the data in 2004.
“COVID-19, while sending shockwaves through every sector of our economy, did not have a significant impact on the housing market in Massachusetts in March, as inventory remains at historic lows and prices push forward near record highs,” said 2020 MAR President Kurt Thompson, broker at Keller Williams Realty North Central in Leominster. "There is great demand for homeownership here in Massachusetts, and the continued strength we are seeing in the housing market is likely to remain a shining beacon of light during the dark days of the COVID-19 pandemic.”
March 2020 Inventory and Days on Market:
About the Massachusetts Association of Realtors®:
Organized in 1924, the Massachusetts Association of Realtors® is a professional trade organization with more than 25,000+ members. The term Realtor® is registered as the exclusive designation of members of the National Association of Realtors® who subscribe to a strict code of ethics and enjoy continuing education programs.
Editors and reporters: Please note that the term Realtor® is properly spelled with an initial capital “R”, per the Associated Press Stylebook.