Worcester County July home sales rebound 8% while prices rise 11%
Photo | Grant Welker
A home for sale in Worcester
Home sales in Worcester County rebounded in July, compared to the year prior, after months of decline brought on by the coronavirus pandemic, according to a report from Peabody-based research organization The Warren Group.
There were 940 single-family home sales in Worcester County in July, marking an 8.4% increase from the 867 sales logged for the same month a year prior, according to the report. The median sale price also increased 10.7%, coming in at $343,250 for July, compared to $310,000 during July of last year.
Year to date, median sale prices are also on the rise, coming in at $310,800 for 2020, a 9.1% increase from $285,000 during the same period last year. The year-to-date number of sales, however, are down 5.8%, with 4,347 sales logged so far, compared to 4,617 by this time last year.
The city of Worcester didn’t fare quite as well as the county, with the numberrea of sales still down as prices rioe.
There were 116 reported single-family home sales in Worcester in July, a slight decrease from the 117 reported during the same month last year. Year to date, sales are down 13.8%, with 598 reported so far, compared to 694 by this time last year.
Sale prices, however, are on the rise. The median sale price for single-family homes in Worcester for July came in at $277,000, a 3% increase from $269,000 during July 2019. Year to date, the median sale price is up 7.9%, coming in at $270,250, compared to $250,500 during the same time period last year.
These trends are generally on-par with statewide trends, where the number of single-family home sales is up 5.3% for July, while the year-to-date number of sales is down 9.9%. Statewide, the median sale price for single-family homes for July was $460,000, an 8.2% increase from $425,000 during July of last year. Year to date, similarly, the median sale price is up 6.3%, coming in at $425,000, compared to $400,000 during the same time period last year.
Tim Warren, CEO of The Warren Group, attributed the uptick in part to a relative slowdown in mass layoffs.
“During the lockdown, many people were preoccupied with adjustments to their personal lives. Many were also uncertain about their jobs, as well as the economy, and weren’t actively looking for homes,” Warren said in a statement. “It appears that shopping resumed in May, and the first wave of deals closed in July. Many buyers may have also gained optimism by not seeing wave after wave of layoffs and perhaps encouraged by a booming stock market.”
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