MA Real Estate – Inventory and Days on Market:
The following excerpts are from the MA Association of Realtors:
The condominium market saw November inventory decrease by 14 percent from last year (11,983 listings in 2008 to 10,313 listings in 2009), which translates into 6.5 months of supply, which is down from 13.2 months in November 2008 and down from 7.3 months this past October. This is the 20th straight month that inventory has gone down compared to the year before.
“Inventory continues to be lacking, but the stabilization in prices in November and the $6,500 tax credit for move-up buyers should start to increase the number of homes for sale in the market,” said Rogers.
Detached single-family homes stayed on the market an average of 116 days in November 2009 compared to an average of 137 days in November 2008, while condos stayed on the market an average of 128 days, down from an average of 149 days in November 2008. On a month-to-month basis, days on market for single-family homes were down from 126 days and condos were down from 137 days in October.
What do you think the 2010 real estate market look like; based on the MA Association of Realtors report?