The decline in sales is attributed to the slowdown of economic activity across the country due to COVID-19. Another contributing factor to the decrease in sales is the lack of inventory: last month, new listings of 3,970 single-family homes and 1,485 condominiums came onto the market, representing a 50% decline from April 2019.

Pending single-family sales in April were 3,510, a drop of 38.2% from the same time last year and pending condo sales were 1,109, a drop of 52.6% from the same time period.

“The industry will continue to adapt to the environment because of COVID-19. While we saw a significant decrease in inventory last month, demand for housing remains high in Massachusetts. We’re encouraged by our realtor members adapting to the current environment to provide the best service for their clients as they look to build their futures,” said Kurt Thompson, 2020 MAR President, broker at Keller Williams Realty North Central in Leominster.

Real estate activity will continue to change in the months ahead and to adapt, realtors are conducting virtual showings. Home inspections, appraisals and closings have also gone online in the last two months.

Additional data points for April can be found below and the Massachusetts Association of Realtors is available to answer any questions.