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The Massachusetts' Spring Real Estate Market is Booming – Despite Coronavirus

I think we can all agree that this is shaping up to be a challenging time all around the world.

While the global markets struggle to make sense of Coronavirus, how to address it, and what its longer-term impact may or may not be, we are still seeing a great deal of positive news coming out of the Massachusetts real estate market.

We already know that recent Fed rate cuts have had a positive impact on mortgage rates. The Mortgage Bankers Association said 30-year fixed rates fell 10 basis points in the week ending March 6 to 3.47%, the lowest since December 2012. The group's refinancing index, meanwhile, surged 78.6% to 6,418.9 points, the highest since April 2009, as Americans rushed to re-set their home borrowing rates. 

Closer to home, the Massachusetts Association of Realtors just released their home sales report for February 2020, and the numbers are strong!

Single-family home statistics for Massachusetts:

  • Pending sales for 2020 sit at 4,383 – this represents a 25.2% increase over February 2019
  • The median price of a single-family home in February 2020 was $396,900 – that’s 4.7% higher than February 2019.

If you’re more interested in the Massachusetts condominium market, those numbers are equally impressive:

  • Pending sales for 2020 sit at 1,806 – this represents a 18.6% increase over February 2019
  • The median price of a condominium in February 2020 was $395,000 – that’s 13.2% higher than February 2019’s number of $349,000.

If there’s any drawback to this data, it’s simply that demand is outpacing inventory. But there is a silver lining: if you are looking to sell, low rates and high demand mean that you will get top dollar for your property. If you’re looking to purchase, my team of experienced, service-focused agents have unmatched access to properties on Massachusetts’ North and South Shores and beyond.

If you have any questions, don’t hesitate to reach out to me directly at bmolisse@molisserealty.net or by phone at 781-831-4754.