March 2020 MA Housing Report

March 2020

MA Housing Report

Introduction

The following report outlines the housing market for the month of March (2020). Notable figures and statistics are presented to guide the reader through the report.


Greater Boston Homes

  1. Median Home Price Sold was $640,000, up 3.9% from February, up 6.1% for 2020
  2. Price per square foot increased 3.4% for 2020
  3. New listings increased 21.5% from last month
  4. Days to Off Market decreased 19.0% from last month

Greater Boston Condos

  1. Median Condo Price Sold was $619,950, up 7.1% from last month
  2. Price per Square Foot increased 7.3% for 2020
  3. New Listings increased 10.2% from last month
  4. Days to Off Market decreased 4.7% from last month

 

Graph/Statistics courtesy of the Greater Boston Association of Realtors

Boston Condos

  1. Median Condo Price Sold was $720,000, up 7.6% from last month
  2. Price per Square Foot increased 12.4% for 2020
  3. New Listings increased 5.2% from last month
  4. Days to Off Market decreased 1% from last month

Graph/Statistics courtesy of the Greater Boston Association of Realtors

Final Remarks

Overall, prices for single family homes and condos increased significantly. Typically, the months of May-August make up 40% of annual home sales. With the Covid crisis in full effect, the MA real estate market could see a rapid decrease in demand, and a long-term increase in supply. Buyers may not have the funds they did a year ago to purchase a new home, and sellers may need to scramble for cash while stuck in highly leveraged mortgages in a frantic economy. Therefore, I expect home prices to drop in the coming months. The level to which prices drop is uncertain at this time.

We will continue report on the changes in the MA Housing Market.

James Alperin is a Licensed Massachusetts Real Estate Agent. He helps clients buy and sell homes and condos throughout Massachusetts.