Boston’s inventory issues show no signs of stopping, as new statewide figures show that record-low new listings and available houses continue to plague the market.
The Massachusetts Association of Realtors has released its report for March, and noted that the number of homes for sale statewide is at its lowest level since 2004. There were only 7,180 new listings in March, considered the start of the homebuying season, which is good for a nearly 14 percent drop-off when compared to March 2016.
Similarly, there were 11,982 homes available for purchase in March, a 34 percent drop year-over-year, according to the report. It’s the 61st time in the last 62 months of year-over-year inventory decreases.
Months of supply is also down considerably, as is days on the market, although that can be construed as good news for sellers.
“This is the second straight month of year-over-year inventory lows since we started tracking this data in 2004,” MAR President Paul Yorkis said in a statement. “The problem of low inventory is one that needs to be addressed sooner than later if we want to keep the Massachusetts economy thriving.”
| Single-family home | Mar-17 | Mar-16 | % change |
|---|---|---|---|
| Inventory | 11,892 | 18,118 | -34.40% |
| Months of Supply | 2.4 | 3.8 | -36.80% |
| Days on Market | 89 | 116 | -23.30% |
| New listings | 7,180 | 8,300 | -13.50% |
| Condominium | |||
| Inventory | 3,478 | 5,026 | -30.80% |
| Months of Supply | 1.9 | 2.7 | 29.60% |
| Days on Market | 65 | 85 | -23.50% |
| New Listings | 2,785 | 2,995 | -7.00% |
Not all bad news
Despite the historic inventory woes, the number of sales and median sales price were both up in March throughout the state, according to the association.
For single-family homes, sales jumped by 2 percent in March compared to March 2016, while the median price of $350,000 is a nearly 7 percent improvement over this time last year. Sales have been up for nine of the last 12 months, while median prices have been up or flat for 15 out of the last 16 months.
Condo sales rose 11 percent, and their median sales price of $334,950 rose 8 percent, according to the association.
“Strong buyer activity in the early winter pushed home sales up in March after a slight dip in February,” Yorkis said. “Unfortunately, without more inventory, prices will continue to rise and price buyers out of the market.”