Closed sales were down slightly from July, inventory levels remain constrained.
WALTHAM, Mass. - September 16, 2020 - The Massachusetts Association of Realtors® (MAR) reported today a small decrease in closed sales of single-family homes (-.8%) in August, compared to the same time last year. Inventory remains limited, continuing the competitive bidding market with multiple offers for properties. Condominium sales decreased by -2.4% in August. The median price for single-family homes rose by 14.7% and condominium prices rose by 5.6%, when compared to August 2019.
New listings in August included 6,531 single-family homes and 2,685 condominiums, a slight decrease in homes listed in July. Inventory decreased 56.1% for single-family units and 22.5% for condominium units when compared to August 2019. For single-family homes, inventory was at the lowest it's ever been since MAR began reporting the data in 2004 and median price was at an all-time high for the third month in a row.
“Historically, we see housing activity in Massachusetts begin to slow a bit as we head into early fall, though this year all signs point to a very busy fall housing market,” said Kurt Thompson, 2020 MAR President, broker at Keller Williams Realty North Central in Leominster. “We expect to continue to see healthy housing demand over the next several months, even with a possible seasonal resurgence of COVID-19 and the upcoming elections.”
Additional data points for August can be found below and the full report can be found here. The Massachusetts Association of Realtors is available to answer any questions.
August 2020 Data
August 2020 Median Price
% Change Closed Sales (year over year)
July Sales 2020
About the Massachusetts Association of Realtors®
Organized in 1924, the Massachusetts Association of Realtors® is a professional trade organization with more than 25,000+ members. The term Realtor® is registered as the exclusive designation of members of the National Association of Realtors® who subscribe to a strict code of ethics and enjoy continuing education programs.
Editors and reporters: Please note that the term Realtor® is properly spelled with an initial capital “R”, per the Associated Press Stylebook.
Massachusetts Association of Realtors Press Contact:
Molly Van Dursen