Coronavirus has thrown a curve ball into many industries, including real estate. There’s been a lot of discussion on the condition of the real estate market and what it will look like for the rest of the year. Most industry experts believe that although real estate activity slowed down due to business closures and other restrictions, it will pick back up quickly and regain momentum. We thought it would be interesting to look at Somerville MA real estate market activity for the months impacted by Coronavirus.
Somerville MA Real Estate Market Report
The following statistics were pulled from the Massachusetts MLS system.
|Month||Homes Sold||Days to Offer||Average Sale Price|
|March 2019||14||26||$ 1,001,857.00|
|March 2020||4||71||$ 948,375.00|
|April 2019||5||6||$ 924,800.00|
|April 2020||6||8||$ 957,167.00|
|May 2019||9||39||$ 954,667.00|
|May 2020||6||20||$ 1,343,333.00|
The month of March was most impacted by Coronavirus, with fewer homes sold, longer marketing times, and average sales prices dropping. However, the market seemed to bounce back during April and May. The number of homes sold were not that far off from 2019 figures for those same months. Homes actually sold quicker in May. Average selling prices increased for the last 2 months as well.
Although real estate was deemed an essential business and was allowed to continue, job losses and self quarantine led many buyers and sellers to put their plans on hold. These same buyers and sellers are already returning to the market. It will be interesting to see if June closings follow this same upward trend. The Somerville MA real estate market has performed strongly for many years and that is expected to continue now that restrictions have been eased. Stay tuned for another Somerville MA real estate market update covering the month of June!