The coronavirus pandemic is not the only issue buyers and real estate agents have to struggle with nowadays, they also, especially in Massachusetts, have to deal with the shortlist of available inventory.
As we know, the first-ever case of coronavirus in MA state was recorded back in February, the eighth case to be reported in the U.S., currently, the Bay state is one of the 16 states where the virus is reportedly decreasing.
Recently, this is how the commonwealth stands in regards to real estate:
Single-family homes used to stay an average of 78 days on the market back in March 2019, however, this March 2020, properties stayed an average of 4 days less on the market compared to last year.
As stated above, this year's inventory is tight, since there were near 6,060 single-family homes listed in March 2020, compared to 6,436 new listings from march 2019.
Sale prices also varied this March 2020 compared to a year before, the median selling price for a single-family home in MA has increased year by year, from $390,500 to $416,000, and the median sales price for a condo came close to $428,500 this March 2020, nearly a 12.5% over the $375,000 from March 2019.
In late April, an electronic filing process was created by the Division of Administrative Law Appeals, the Housing Appeals Committee, the Massachusetts Registers, and Assistant Registers of Deeds Association. In addition, a law measure was signed allowing remote notarization through virtual meetings.
In March 2020 the average price for a single-family home in Boston was $640,000 compared to $599,400 from the past year.
1,584 new listings were active in March 2020, 5.3% less than last year.
Condo's median price during March 2019 was $619,950, more than 11% more than $550,000 in March 2019.
Single-family homes stayed on the market an average of 34 days this March 2020, compared to 42 days in March 2019.
The county had a 2,3 months supply of worth of inventory during March 2020, 2.9 months less than March 2019.
The median home value of a single-family home in Lowell is $313,351. From the past year, home values have increased by 6.5%.
Properties have been on the market for an average of 73 days.
Rent prices in Lowell is an average of $1,674 for a one-bedroom unit.
Home sales prices were on average during March 2020 $258,000. The home pricing went up for 1% from last year.
237 new listings hit the market during March 2020, lower from the past year for 25%.
Estate was 101 days on average on the market. 3.9 months of supply of inventory was available in March 2020.