Home sale closings in Worcester plummeted 40% in June
Photo | Grant Welker
One of the few homes listed for sale in Worcester earlier this year.
Closings on single-family properties in Worcester were down 38.8% in June of this year, compared to June 2019, according to a report from Massachusetts Association of Realtors.
But while the number of closings on single-family properties was down by more than a third, the number of pending sales actually increased by 21.2% compared to the year prior, up to 137 from 113 during the same period in 2019.
At the same time, the median sale price in Worcester is up 3.6%, rising from $271,000 in June 2019 to $280,700.
Year to date, closings on single-family properties in Worcester are down 19% compared to the first six months of 2019, and pending sales are down 13%, per the report. Median sale prices are up 6.7%, rising from $258,744 during the first six months of 2019 to $276,000 during the same time period in 2020.
When it comes to condos, pending sales have skyrocketed 81.5% in June 2020, compared to June 2019, according to the report. However, closed sales for June are down 7.1%. Year to date condo closing in Worcester are up 10.6%, with pending sales up 16.2%. The median condo sale price was up 14.5% for the month of June, compared to June 2020. Year to date, the median sale price is up 11.9%.
The Massachusetts Association of Realtors attributes the fluctuations to pent-up demand during a largely locked down state economy during spring, due to the coronavirus pandemic.
Statewide, Massachusetts single family home closings for June are down 22% from June 2019, and down 13.3% for the first six months of 2020, compared to the same time period the year before.
The median sale price across the state is up 4.1% for the month of June, jumping from $440,000 in 2019 to $458,000 in 2020. Year to date sales prices, in turn, are up 5.9%, increasing to $429,900 to $406,000, according to the report.
The association contended housing inventory will remain tight until sellers regain confidence in light of the COVID-19 pandemic.
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