Condo sales down from March 2019.
PEABODY, April 22, 2020 – The median sale price for single-family homes and condominiums increased in March on a year-over-year basis, with each median price exceeding $400,000 in the process, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Last month, there were 3,751 single-family home sales in Massachusetts, a 2 percent increase from March 2019 when there were 3,678 transactions. Meanwhile, the median single-family sale price increased 6.5 percent on a year-over-year basis to $402,000, up from $377,500 in March 2019 – marking an all-time high for the month of March. Year-to-date, there have been 9,938 single-family home sales – a 2.0 percent increase from the first three months of 2019 – with a median sale price of $393,500 – a 6.1 percent increase on the same basis.
“The Massachusetts housing market continued its record-setting streak in March, just as the severity of the coronavirus pandemic was beginning to hit home,” said Tim Warren, CEO of The Warren Group. “From open houses and appraisals to mortgage lending and job security, COVID-19 has had a significant impact on the local housing market and economy. The great irony is that all indicators were pointing to an excellent Spring real estate market.”
There were 1,701 condominium sales in March, compared to 1,710 sales in March 2019 – a 0.5 percent decrease. Meanwhile, the median sale price spiked 19.2 percent to $429,000. This marked the third month in a row that the median statewide condo price surpassed the median single-family home price. The median condo sale price also marked an all-time high for any month. Year-to-date, there have been 4,628 condo sales – a 10.4 percent increase from the first three months of 2019 – with a median sale price of $412,000 – a 17 percent increase on the same basis.
“The median condo sale price has now increased by double digits on a year-over-year basis for three straight months as a flood of new luxury condo units reached occupancy,” Warren added. “What is uncertain is whether other new units already under contract and ready for occupancy in April – and beyond – will close despite the looming recession.”
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Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record, and The Registry Review. For more information visit www.thewarrengroup.com.