The average home sale price in Massachusetts remains above $ 500,000

The average home sale price in Massachusetts has now exceeded $ 500,000 for the second straight month.

The Warren Group reported Wednesday morning that the average sales price for a single family home in Massachusetts rose from $ 410,000 in May 2019 to $ 425,000 in May 2020, before rising to $ 525,000 last month, an increase of 23.5 percent compared to the previous year.

Analysts cited the troubled real estate market in May 2020 when they decided to compare the May 2021 market to the May 2019 market and reported a nearly 10 percent drop in monthly sales compared to two years ago.

“I’ve been saying for a long time that it is only a matter of time before demand cannot keep up with supply, and this could be the first time we have a specific data point that suggests it is fruiting Tim Warren, CEO of Warren Group, said in a statement. “As inventories continue to dwindle, we will continue to see declining sales and inflated prices in the months ahead.”

Compared to May 2019, condominium sales rose 6.5 percent. The average condominium sales price rose 20.8 percent year over year to a record high of $ 490,000.

“Condominiums continued to recover in May as life in the urban centers returned to normal,” Warren said. “If activity in the housing market continues right now, I expect the average sales price of both single-family homes and condos to exceed $ 500,000 in the coming months, which would be a first.”

The Baker administration believes that a new state bill that will lower the level of local support needed to advance housing projects to a simple majority rather than a two-thirds super majority, will change the zoning, unleash housing production and the will resolve long-term supply bottlenecks in the state.

“We are committed to getting communities to use the new rules,” said Secretary of State for Housing and Economic Development Jennifer Maddox during a webinar in March.

Citing short supply and house bidding wars, Maddox said, “The past year has shown the severity of our housing crisis in Massachusetts.” The cost of housing supply that cannot meet demand includes “many households doubled or tripled, Individuals and families in precarious housing conditions and too many in informal housing ”.


Source link

About Yadira Wilkes

Check Also

New business center in Kinarut

Susan shows the Rose Avenue Plaza zoning plan. KOTA KINABALU (November 19): WSG Group has …

Leave a Reply

Your email address will not be published. Required fields are marked *