The Massachusetts Association of Realtors (MAR) reported a year-over-year increase in closed sales for single-family homes in July, the first such increase since March.
Closed sales on single-family homes increased 3.6% in July since the same time last year, while condominium sales decreased by 1.4%.
The median price for single-family homes rose 8.4%, while condominium prices rose 6% compared to July of last year, MAR reported.
While new listings for single-family homes and condominiums rose by over 2,000 since June, inventory levels are down by over 50% compared to last year. Showing activity and multiple offer situations, however, remained significantly higher than last year, according to the report.
“The market for buyers shows little sign of diminishing and we anticipate high buyer activity into the late summer and early fall. Massachusetts inventory levels for single-family homes are at historic lows this month and Realtors are negotiating multiple offers for their buyers and sellers,” said Kurt Thompson, 2020 MAR President and a broker at Keller Williams Realty North Central in Leominster. “Historically we see the number of closed home sales start to decline in September, I anticipate we may not see the decline until late fall this year, since the real estate market was off to a delayed start.”