Massachusetts home sales rose nearly 15% in March

by Liz Hughes

Massachusetts home sales rose 14.6% in March from a year ago. Last month’s sales were  6,853, compared to 5,979 in March of 2020. 

Single-family home sales increased 2.6% year over year. Condominium sales rose 32.9% and multi-family sales were up 41.2%, according to the latest data from Lamacchia Realty.

March 2021 home listings increased 9.6% compared to last year. Single-family listings saw a significant drop in the summer and fall of last year. 

The average home price also continued to increase last month to $532,310, up 8.9% over March 2020’s average price of $489,052. While single-family home prices continued to grow at 16.6% and condos increased by 3%, multi-family home prices were down 2.2% over last year. 

According to Lamacchia’s March 2021 Housing Report, the 2020 prices and sales reflected properties under agreement in the months before the COVID shutdown, and the impact of COVID will be seen in the company’s year-over-year numbers for April.

Pending home sales were up 21% over last year, and that’s an 8.8% increase over 2019, according to the report, indicating a positive sign the market is trying to make up for lost time. 

Single-family home inventory is still down significantly, and looking ahead, the demand for single-family homes isn’t showing any signs of alleviating yet, according to Lamacchia, while demand for condominium sales is showing signs of increasing. The report shows listings are down by 2.6% compared to last year, but pending sales are up nearly 7%. 

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