Fresh data from Massachusetts Association of Realtors (MAR) shows all-time record low inventory levels for single-families and condos in December 2020 since MAR began collecting data in 2004. All told, single-family inventory dropped a staggering 63.6%, from 10,193 homes in Dec ’19 to 3,847 homes in Dec ’20. Condo inventory also dropped 23.2%, from 3,670 condos in Dec ’19 to 2,820 condos in Dec ’20.
While inventory levels dropped, it’s no surprise that more sales occurred in Dec ’20 vs. Dec ’19, and at higher prices as well. 5,860 single families sold in Dec ’20 vs. 4,815 in Dec ’19. Likewise 2,189 condos sold in Dec ’20 vs. 1,880 condos sold in Dec ’19. Median prices for single-families were $479k in Dec ’20 vs. $410k in Dec ’19, and condos sold at $420k in Dec ’20 vs. $390k in Dec ’19.
With inventory levels at all-time lows, analysts are expecting the spring season to finally thaw, delivering much needed fresh inventory. Download the MAR snapshot here.
