WOW Batman…Sales Prices on Single Family Homes Up 16%
April 20, 2021 – The number of closed sales of homes continued to rise in March from last month, according to The Massachusetts Association of REALTORS® (MAR), indicating a busy spring market.
For single-family homes in February, there were 2,779 closed sales on single-family homes and 3,393 new listings, while this month jumped to 3,385 closed sales and 5,804 new listings.
March of 2020 looked very different, with the onset of the pandemic and the real estate market
coming to a halt at the beginning of lockdown before REALTORS® were deemed essential..
Compared to March 2020, closed sales decreased 5.2% for single-family homes while
condominiums saw a 26.2% increase.
What remains consistent is the rising median sales price – up to $485,000 for single-family
homes, a 16.9% increase from last year, and up 6.8% to $459,450 for condominium properties –
an all time high for condo prices.
Inventory also remains a concern in MA with the months supply of single-family units down to .6 months. Inventory numbers for both single-family homes and condos has also hit an all-time low since MAR began reporting the data in 2004.