Where have all the sellers gone?

While median prices in Massachusetts continued to rise in March (Single Family Homes up 7.8%, condos up 8%), a lack of homes for sale contributed to a 3.3% decrease in year over year sales (although last year we really had no winter) for SFH, while condo sales were up 2.5%.

A continuing concern is the shortage of homes for sale, with inventory down 30% from a year ago for SFHs and 34% for condos, translating into 5.1 and 4.3 months’ supply respectively.

“A good supply of homes for sale is the only thing we’re missing from a sustainable housing recovery,” said 2013 MAR President Kimberly Allard-Moccia. “While an increase in prices should entice sellers, it has yet to happen. We need buyers to move up and down the housing ladder, but right now they’re either stuck on the rungs or it’s too difficult to grab on to.”

Masaschusetts Association of Realtors; April 23, 2o13
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