Inventory is tight

Real Estate

Massachusetts market snapshot: Inventory is tight.

For agents in Massachusetts, the biggest struggle amidst the COVID-19 pandemic has been the lack of available inventory.

The median sales price for a single-family home in Massachusetts increased by 6.5 percent year-over-year from $390,500 in March 2019 to $416,000 in March 2020, according to the Massachusetts Association of Realtors. The median sales price for condos rose by 14.3 percent from $375,000 in March 2019 to $428,500 in March 2020.

Single-family homes spent an average of 74 days on market in March 2020, down slightly from 78 days the year before. Inventory also dropped year-over-year with a mere 1.8 months supply of inventory available in March 2020 compared to 2.7 months in March 2019. Condo inventory was similarly low at 1.7 months supply down from 2.5 months supply the previous year.

There were 6,061 new single-family home listings in March 2020, a 5.8 percent decline from 6,436 new listings the year before.

More here.

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