Driven by strong competition, the median sale price for both single-family homes and condos surged on a year-over-year basis.
PEABODY, October 28, 2020 – As buyers and sellers continued to adapt to “the new normal” of the Massachusetts real estate market, both single-family home and condominium sales spiked in September 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 6,393 single-family home sales in Massachusetts, a 27.1 percent increase from September 2019 when there were 5,013 transactions. Meanwhile, the median single-family home price increased 18 percent on a year-over-year basis to $472,000 – an all-time high for single-family homes in the month of September. This is the third consecutive month that single-family transactions and the median sale price experienced notable gains following a slower-than-normal start to the spring and summer housing market as a result of COVID-19.
“Historically in September we start to see a significant slowdown in single-family home sales, but this proved not to be the case in 2020,” said Tim Warren, CEO of The Warren Group. “The total of 6,393 single-family sales marked the most transactions ever recorded in the month of September, and it’s clearer now than ever that there’s no shortage of demand. This momentum may well spill over into the fall market as prospective buyers take advantage of rock-bottom mortgage rates and continue to adjust to their new work from home lifestyles.”
Year-to-date, there have been 42,566 single-family home sales – a 4 percent decrease from the first nine months of 2019 – with a median sale price of $440,000, representing a 10 percent increase on the same basis.
Additionally, there were 2,490 condo sales in September, a 26.1 percent increase from September 2019 when there were 1,974 transactions. Meanwhile, the median sale price increased 11.5 percent of a year-over-year basis to $418,000 – an all-time high for the month of September. Year-to-date, there have been 17,021 condo sales – a 7.5 percent decrease from the first nine months of 2019 – with a median sale price of $417,500, an 8.7 percent increase on the same basis.