Summary of November 2020 Massachusetts Real Estate Market
November Real Estate Activity in Massachusetts Persists
Buyers confidence fuels another month of growth
From the Massachusetts Association of Realtors
WALTHAM, Mass . – December 15, 2020 – The Massachusetts Association of REALTORS ®
(MAR) reported today closed sales and new listings continued to climb in November. Compared to the same time last year, closed sales for single-family homes increased 15.7% and condominium sales increased 12.3%. In addition, 4,224 new single-family homes were listed (an increase of 16.1% over last year) and 1,747 new condominiums were listed (an 19.9% increase over last year). The median price for single-family homes last month was $480,000, an increase of 18.5% and condominium prices rose by 7.8% to $415,000, when compared to November 2019. Both median sales prices are a slight increase from October 2020.
In November, the Dow Jones Industrial Average topped 30,000 for the first time and mortgage rates reached new record lows again, both contributing to strong buyer confidence that is expected to continue through the end of the year. Inventory remains constrained in most market segments. Months supply of inventory* decreased 60.7% for single-family homes and 12% for condominiums.
“In addition to increased closed sales last month, we saw homes being scooped up more quickly than last year due to buyer demand that has spilled over into the late fall season.” said Kurt Thompson, 2020 MAR President