Welcome to week 21 of social distancing and its effect on the north of Boston real estate market, specifically Middlesex and Essex counties. We’re also taking a look at how July compared to last July of 2019. Last week we had 2709 homes available on the market, a slight decrease of 2% compared to what we saw the week before. There were 735 new homes on the market last week which was an increase of 6% from the previous week. As for pending homes, 746 homes went pending last week which is a slight decrease of 1% from the week before. Overall 28% of the market did get absorbed through pending listings, which shows that it remains a strong seller's market.
For the month of July the number of units sales did go down slightly by about 5% due to inventory being down close to 27.5% . We have less homes on the market in July of 2020 than what we saw in 2019. The days our market, the time is taking homes to sell, remains the same and overall. Median prices from July 2020 compared to July 2019 are up 5.1%.
The real estate market for Middlesex and Essex counties remains strong. We are continuing to see multiple offers on homes and many homes are going for way over asking. There are plenty of buyers out there and there is little inventory. Usually during this time things start to tick down a bit until we get to labor day but that is not the case this year.
If you have specific questions on the market feel free to reach out to us at 617-275-3379