Median condo price sees its first year-over-year decline since April 2019.
PEABODY, July 22, 2020 – As COVID-19 continues to impact the local housing market, both single-family home and condominium sales declined by double digits in June, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Last month, there were 5,004 single-family home sales in Massachusetts, a 23.4 percent decrease from June 2019 when there were 6,530 transactions. This marked the fewest number of single-family home sales in the month of June since 2011, when there were 4,471 transactions. Meanwhile, the median single-family sale price increased 2.6 percent on a year-over-year basis to $440,000, up from $429,000 in June 2019 – an all-time high for the month of June. Year-to-date, there have been 22,662 single-family home sales – a 13.7 percent decrease from the first six months of 2019 – with a median sale price of $415,000 – a 5.1 percent increase on the same basis.
“Even though single-family home sales saw a significant decline in June, it’s not due to a lack of demand,” said Tim Warren, CEO of The Warren Group. “The statewide inventory has steadily declined for years on end, and COVID-19 has given homeowners new reasons to stay put for now. There seem to be plenty of buyers looking for homes and the median price has climbed every month for 51 straight months.”
There were 1,815 condominium sales in June, compared to 2,620 sales in June 2019 – a 30.7 percent decrease. Meanwhile, the median sale price fell 5.7 percent on a year-over-year basis to $396,000, down from $420,000 in June 2019. Year-to-date, there have been 9,463 condo sales – a 16.7 percent decrease from the first six months of 2019 – with a median sale price of $410,000 – a 7.9 percent increase on the same basis.
“The median condo price took its first year-over-year dip in 14 months,” Warren added. “Prior to this development, the median sale price exceeded $400,000 for four consecutive months and was actually on track to outpace the median single-family home price during the course of 2020. It seems like potential condo buyers are waiting to see how the pandemic progresses before they commit to urban living and elevator rides.”