Condo sales fall 19 percent from April 2019.
PEABODY, May 27, 2020 – In the wake of COVID-19 and a statewide shutdown, the number of sales for both single-family homes and condominium declined significantly in April on a year-over-year basis, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Last month, there were 3,706 single-family home sales in Massachusetts, a 13.7 percent decrease from April 2019 when there were 4,293 transactions. Meanwhile, the median single-family sale price increased 11.8 percent on a year-over-year basis to $428,000, up from $383,000 in April 2019 – marking an all-time high for the month of April. Year-to-date, there have been 13,649 single-family home sales – a 2.8 percent decrease from the first four months of 2019 – with a median sale price of $400,000 – a 6.7 percent increase on the same basis.
“The number of single-family home sales took a significant hit in April as the effects of COVID-19 started to impact the local housing market and economy,” said Tim Warren, CEO of The Warren Group. “This comes as no surprise. I fully expected transactions to stall as the stay-at-home order continues to keep both buyers and sellers on the sidelines, but now that Governor Baker has laid out a roadmap to reopening Massachusetts, we might start to see a return of confidence and more in-person home-shopping in coming months. As the jump in median price indicates, there is a strong demand for the limited supply of homes for sale.”
There were 1,610 condominium sales in April, compared to 1,998 sales in April 2019 – a 19 percent decrease. Meanwhile, the median sale price spiked 13.8 percent to $421,000. The median condo sale price also marked an all-time high for the month of April. Year-to-date, there have been 6,238 condo sales – a 0.9 percent increase from the first four months of 2019 – with a median sale price of $415,000 – a 15.6 percent increase on the same basis.
“Despite a 19 percent decrease in condo sales on a year-over-year basis, the median sale price continued its upward climb in April,” Warren added. “This increase was largely spurred by activity in the high-end condo market in the Greater Boston marketplace where new construction is attracting buyers.”
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