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Massachusetts housing inventory rises ahead of spring market

Housing inventory in Massachusetts is rising just as the spring market approaches, according to the Massachusetts Association of Realtors (MAR) February housing statistics report

In February, new listings increased month over month, but overall activity remained sluggish, marked by a third consecutive month of declining closed sales.

New listings in February increased from the same time last year, a positive sign, MAR says, of how homebuyers are navigating what is proving to be a challenging market with high competition and home prices.

Amy Wallick, 2024 MAR president and Realtor at Lamacchia Realty, called the two consecutive months of increases in new listings encouraging as we head into the spring market.

“Buyers should still be prepared to navigate a competitive landscape with sustained inventory challenges, but we expect to see activity increase as a reflection of these new listings improvements and the changing of the seasons,” she said.

Last month, the median sale price for a single-family home in Massachusetts increased by 9.4% from February 2023 to $569,000, while new, single-family home listings increased by 23%.

The condo market also saw positive change last month, as the median condominium price also increased from last year, up 6.4% to $500,000. Condo listings also grew last month, increasing 1.4% from a year ago.

The report also found that year over year, single-family closed sales grew 0.3% from 2023, while closed condo sales were up 1.4%.

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Across the U.S. the biggest issue is the limited supply of real estate for sale. Massachusetts suburbs are now falling into this category. Fortunately, the Boston downtown condo market is seeing an increase in existing inventory, hopefully, this trend will continue.

Downtown Boston Real Estate and the Bottom Line

Let’s connect today to get your Beacon Hill, Seaport, or Boston high-rise condo on the market at this optimal time to sell.

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Older Boston Real Estate Blog Post

Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.

Mark Fleming, Chief Economist for First American, just reported:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

“Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”

There Is One Big Real Estate Challenge

Purchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com reported:

“Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory.”

The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Below is a graph of existing inventory (September numbers are not yet available):Homebuilders are increasing construction, but they cannot keep up with the high demand. Bill McBride, founder of the Calculated Risk blog, in discussing inventory of newly constructed houses, notes:

“The months of supply decreased to 3.3 months…This is the all-time record low months of supply.”

What does this mean for Boston Real Estate sellers?

Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.

Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.