Home Prices Breaking Records in Massachusetts

September 1, 2020 Pace LaVia

After three consecutive months of double-digit declines, a real estate market report released last week shows home sales are now booming in Massachusetts with condo and single-family homes commanding record selling prices.

Boston.com, pointing to the fact that there has been a near 10 percent decrease in home sales compared to the first seven months of 2019, called the development, “one of the few bright spots in the economy amid the COVID-19 pandemic.”

Here are some statistics brought to light in the report:

The state saw a 5.3 percent increase in single-family home sales in July
The median sales price for single-family homes ($460,000) was a record high for the month of July.
Prices are seeing an 8.2 percent year-over-year increase.
The month-to-month condo sale prices jumped 10.3 percent to $430,000 compared with July 2019.
Year-to-date, there have been 11,933 condo sales — a 13.7 percent decrease from the first seven months of 2019.
In Greater Boston, sales of single-family homes and condos were up 31.3 percent and 39.4 percent from June.
The median sales price for single-family homes in Boston hit a record $700,000 in July, a 6.9 percent increase. For condos, it was $592,750, a 2.2 percent increase.
Although the number of single-family homes on the market in July reflected a 27.2 percent year-over-year decrease and a 3.3 percent drop since June, the condo market saw an 18.3 percent increase in active listings year over year and a 9.2 percent rise since June 2019.

The statistics were gathered by analytics firm Warren Group. Boston.com has an extensive report listing statistics for 64 Mass. communities. That report can be found here.

Mass. Reaches 1% Coronavirus Testing Rate, a New Low

Public health officials in Massachusetts are reporting that the state has reached a new low for coronavirus tests with a rate of just 1 in 100 testing positive.

Not to get too optimistic, health officials also released an updated version of the state's new community-level risk assessment map.

These are the “high-risk communities” listed in the report:

Brockton
Chelsea
Everett
Framingham
Lawrence
Lynn
Revere
Sutton
Winthrop

New Study Confirms Staggering Racial Disparities in COVID-19 Cases in Massachusetts

Meanwhile, a new study shows a staggering disparity in COVID-19 cases in the state with black and Latino communities taking the brunt of the epidemic.

The problem is not just confined to Mass. cities and towns. The Centers for Disease Control and Prevention reported last week that:

“COVID-19 infection rates are 2.8 times higher in the Hispanic or Latino and American Indian or Alaska Native populations, when compared to the rate for non-Hisanpic [sic] white people. For Black people, the case rate is 2.6 times higher and the death rate is 2.1 times higher. Case and death rates for white and Asian Americans are similar.”

The Boston Globe has more on this story.

Unemployed Look Forward to $300 Weekly Boost

State officials have announced that unemployed residents in Massachusetts will be getting a temporary boost of $300 per week for three weeks. That is according to a report at Boston.com.

The raise is the result of a Gov. Baker’s application to the Federal Emergency Management Agency. FEMA has been tasked with distributing up to $44 billion to states.

At the time the monies were made available (via executive order), Gov. Baker criticized the federal government for not doing more to help states. “But if this program is there and it turns out to be the only thing that’s there,” said Baker, “I don’t think Massachusetts should pass on that.”

McBride Stepping Down from Cannabis Commission

Massachusetts Cannabis Control Commission Public Safety Chair Britte McBride has announced she will be vacating her seat.

In an interview with MassLive McBride had this to say:

“I took this appointment to contribute to the establishment of a sound regulatory structure for the state and I’m really proud of the work that we’ve done, but after a lot of thought, it just feels like it’s the right time for me to step back and to assess what my next step is going to be. You kind of step back occasionally and assess where you are and for me, it’s that moment in time… I’m really passionate about public policy, I love being a problem solver and I get a lot of joy out of the challenge of building things, which is why this job really spoke to me and why this appointment, I think, really fit with who I am professionally. It was something novel and challenging and there were certainly a lot of problems that needed to be solved and a lot of issues that needed to be addressed, so I don’t know what the next thing is going to be but I’m hoping I’ll land on something that combines those elements.”

The exact date for McBride’s departure is not yet clear and no new plans have been announced other than that she plans to explore her options. However, she says, she is committed to staying on until the current regulatory process is complete which could be as early as October.

Forbes Lists “Best Employers In Massachusetts”

Forbes Magazine has released a list of what they see as the best employers in Massachusetts (with at least 500 employees). Leading the list are health care companies with Boston Children's Hospital at the top.

Following Boston Children's Hospital are Lawrence General Hospital, and Partners HealthCare System.

Forbes worked with Statista to determine the rankings. Statista surveyed 50,000 Americans to determine job satisfaction rates across the country.

Here are the Top 10 employers in Mass. according to Forbes:

The full list can be found here.

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