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 email@example.com or by phone at 781-831-4754.