Industry News

Massachusetts buyer’s market continues

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The Massachusetts housing market cooled for the eighth straight month in November as home sales and prices continued to decline from their 2005 levels, according to the Massachusetts Association of Realtors. There were 3,246 detached single-family homes sold in November, down 12.6 percent from November 2005 when sales hit 3,713. The median home sales price slipped 4 percent from a year ago, falling from $354,000 to $340,000. Although there were 5,000 fewer homes actively listed in November than there were in October, the statewide inventory of 35,254 listed homes was 25 percent higher than November 2005, providing 10.9 months of supply versus 7.6 months last November. Listing time of detached single-family homes rose from an average of 95 days in November 2005 to 130 days for homes sold this November. "With home prices leveling, interest rates remaining low, inventory still plentiful and more sellers accepting market-based pricing, Bay State home buyers have a special window of op...