Normally, this should be a Boston real estate blog post that I and my fellow Boston real estate brokers would read and thus, bring great delight. But why do I have a feeling this will be a short lived positive Boston real estate story.
The Boston real estate market had a strong month in March.
Over-the-year median home sale prices in March rose 6.5% to $402,000, the Warren Group reported, while the $419,000 median condo sale price last month was up 19%.
Home sales in Massachusetts were up 3% in the first quarter, compared to the first quarter of 2019; condo sales rose 10.4% over that period.
According tho Tim Warren of the Warren Group:
“The Massachusetts housing market continued its record-setting streak in March, just as the severity of the coronavirus pandemic was beginning to hit home… From open houses and appraisals to mortgage lending and job security, COVID-19 has had a significant impact on the local housing market and economy. The great irony is that all indicators were pointing to an excellent spring real estate market.”
“The median condo sale price has now increased by double digits on a year-over-year basis for three straight months as a flood of new luxury condo units reached occupancy. What is uncertain is whether other new units already under contract and ready for occupancy in April — and beyond — will close despite the looming recession.”