Worcester home sales drop 31% as Mass. logs worst May since 2011
Photo | Grant Welker
A home for sale in the MetroWest area
In the wake of the economic slowdown surrounding the coronavirus pandemic, Massachusetts had the fewest single-family home sales in the month of May since 2011, including a 30.6% drop in sales in the city of Worcester, according to a new report from The Warren Group, the Peabody company tracking real estate data.
In May 2019, Worcester city had 111 single-family home sales, compared to 77 in May this year, per the report. At the same time, the median sale price increased 14% in May, rising to $285,000 from $249,900 in May 2019.
Year-to-date, Worcester city single-family home sales have dropped 8.9%, from 436 to 397 during the first five months of 2019 vs. 2020, respectively. The median year-to-date sale price has increased 8.6%, from $244,000 in 2019 to $265,000 in 2020.
“The statewide COVID-19 lockdown took a serious toll on the real estate market on all fronts,” said Tim Warren, CEO of The Warren Group, in a press release. “From the ability for prospective buyers to attend open houses to sellers’ willingness to relocate during uncertain times, no aspect of real estate was immune to the effects of the lockdown last month.”
County-wide statistics reflect similar changes. The number of single-family home sales across Worcester County decreased 18.7% in May, down to 638 from 785 the year prior. In turn, the median single-family home sale price is up 14% across Worcester County, rising to $325,000 from $285,000 in 2019. Year-to-date sales were down 5.1% in Worcester County, with median sale prices up 9.1%
The trend of a falling number of sales and rising prices for single-family homes held true in prominent Central Massachusetts communities as well:
- In Leominster, the number of single-family home sales dropped 19% while the average sales price rose 22% to $335,000.
- In Framingham, the number of single-family home sales dropped 29% while the average sales price rose 14% to $541,200.
- In Sturbridge, the number of single-family home sales dropped 14% while the average sales price rose 12% to $328,000.
- In Marlborough, the number of single-family home sales dropped 46% while the average sales price rose 8% to $430,000.
- In Fitchburg, the number of single-family home sales dropped 39% while the average sales price rose 24% to $253,950.
Statewide, there were 3,975 single-family home sales in Mass. last month, compared to 5,688 transactions during the same month a year prior, marking a 30.1% decrease. At the same time, the median single-family sale price was $423,000, a 3.2% increase from $410,000 in May 2019.
According to The Warren Group, that median sale price marks an all-time high for the month of May.
Year-to-date sales are down significantly in Massachusetts. At the time the report was compiled, there had been 17,642 single-family home sales, 10.6% fewer than the first five months of 2019.
The median sale price of year-to-date sales is $407,000, reflecting a 5.7% increase from the same time period in 2019, according to the report.
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Any stats on condo sales?
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