Mortgage Rates Reach Another Record Low
Boston Real Estate Market Update by Realtor Michael Mahoney

October 2020 Closed Sales Report from Massachusetts Association of Realtors

Ice Cubes Melting in Fire depicting the hot Boston Real Estate Market
The Massachusetts real estate market continues to be hot despite the onset of winter.

 

 

WALTHAM, Mass. – November 23, 2020 - The Massachusetts Association of REALTORS®

(MAR) reported today another month of increased closed sales of single-family homes (+19.9%) in October, compared to the same time last year. The median price for single-family homes last month was $470,900, an increase of 17.7% and condominium prices rose by 9.5% to $405,000, when compared to October 2019. Both median sales prices are a slight decline from September 2020.


Inventory continues to be low throughout Massachusetts and multiple offers remain a common occurrence in many areas. Single-family homes for sale decreased by 57.8% compared to October of last year and new listings for condominiums were down 17.1%.  “Home sales are still booming in Massachusetts. Mortgage rates dropped again to new record lows in October, helping to offset the monthly mortgage payment increases caused by the climbing of home prices,” said Kurt Thompson, 2020 MAR President, broker at Keller Williams Realty North Central in Leominster.

“October’s  numbers largely reflect purchase decisions made in the late summer/early fall, so as we head into the cooler months and holidays, we will most likely see the market start to return to its more seasonally normal pace.” 

Download the November 23, 2020 Press Release

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Michael Mahoney
Boston area Realtor®
Affiliated with Century 21
MA. Lic.#9051300
Corp. Lic.#10046
{c}617-615-9435
{e}mike@mmahoney.com
{w}www.RealtorMikeMahoney.com


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