Industry News

Massive inventory reshapes Massachusetts real estate

Strong buyer's market emerges in first quarter

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A more moderate sales pace along with softening home prices and a sharp increase in the inventory of unsold homes all helped to signal the emergence of a strong buyer's market for Massachusetts' residential real estate during the first quarter of 2006, according to a report issued today by the Massachusetts Association of Realtors. In the first three months of the year, MAR data show that detached single-family homes sales fell 6.5 percent, from 8,604 homes sold in the first quarter of 2005 to 8,047 in the same period this year. It's the fourth consecutive quarter that activity in the detached single-family home market has declined from the same period one year earlier. Meanwhile, sales of condominiums remained on a record pace, but were flat over the past year, with 4,071 condos sold from January-March 2006. That equals the number of units sold in the first three months last year, and is an all-time high for first quarter condo sales. "After several years of strong sales...