Mass. Realtors Expect Short-Term Slowdown Because Of Coronavirus

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Realtors in Massachusetts say the global coronavirus pandemic will have a short term impact on the real estate market, but not a long term one.

"Short term, we're going to have a pause," said Kurt Thompson, president of the Massachusetts Association of Realtors.

He said he believes the pandemic will "just delay the market potentially from April and May, into more like July and August."

Thompson said realtors are having different experiences.

"I've heard from some agents that they're absolutely as busy as they have been and they haven't seen a significant turndown," he said. "In some markets we've heard it's slowed down a little bit."

Data from the Massachusetts Association of Realtors show 2,493 single-family home sales closed in February, when there was just one confirmed case of coronavirus in the state. That figure was down 6.9% from February of 2019. Condominium sales rose 3.3% over the same period.

Closing data for the month of March will not be available until late April.

The association reports there were 8,163 single-family homes on the market in February, a decline of 32.3% from a year ago. Thompson said a lack of homes up for sale during the pandemic will cause a problem for buyers.

"I think we're going to see inventory levels decrease in the short term, the next 45 to 60 days," Thompson said. "But I'm personally expecting a significant resurgence when we come out of the back side of the COVID-19 issues."

This segment aired on March 26, 2020.

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