Is the Massachusetts housing market officially in recovery?
The inventory of single-family homes as of February 28, 2010 decreased 3 percent from February 2009 (25,317 listings in 2009 to 24,434 listings in 2010) which translates into 13 months of supply in February 2010. This is down from 15.4 months of supply last year and up from 12 months in January 2010. February supply was at its lowest level since February 2002 and down 32 percent from the February peak of 35,907 homes in 2006. This is the 23rd straight month that inventory has gone down compared to the previous year.
The condominium market saw February inventory decrease by 6 percent from last year (11,028 listings in 2009 to 10,362 listings in 2010), which translates into 13.1 months of supply, which is down from 16 months in February 2009 and up from 11.1 months this past January. This is the 23rd straight month that inventory has gone down compared to the previous year.
Detached single-family homes stayed on the market an average of 137 days in February 2010 compared to an average of 153 days in February 2009, while condos stayed on the market an average of 142 days, down from an average of 187 days in February 2009.
Is the Massachusetts housing market officially in recovery?Read more