FOXBOROUGH, Mass – 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.
“We’re seeing a very busy, competitive spring market this year as more buyers line up and sellers are feeling more comfortable putting their homes on the market compared to this time last year,” says Steve Medeiros, 2021 President of MAR and REALTOR® at Keller Williams Realty. “While prices are increasing along with mortgage rates, we’re encouraged by the increase of new listings and seeing some more inventory come on the market.”
February 2021 Data
| March 2021
Closed Sales |
March
2020 Closed Sales |
March 2021 Median Price | % Change Closed Sales (year over year) | February Closed
Sales 2021 |
|
| Single-Family | 3,385 | 3,569 | $485,000 | -5.2% | 2,779 |
| Condominium | 1,922 | 1,523 | $459,450 | +26.2% | 1,298 |
