Massachusetts buyers are going to find a more balanced housing market this spring, as inventory is showing slight signs of improvement, according to the Massachusetts Association of REALTORS February housing data report.
While inventory does remain a concern, the upward trend in listings, along with reduced mortgage rates, brings some good news to the Bay State’s housing market, which is struggling amid economic concerns impacting purchasing power.
“Though we at MAR have been concerned about the state’s lack of inventory for the better part of the last two years, we are optimistic about recent improvements in that area,” 2023 MAR President David McCarthy said. “As inventory continues to return to pre-pandemic levels, the number of closed sales should adjust accordingly and will hopefully generate an uptick in buyer and seller activity, resulting in a more balanced market in the second quarter of the year.”
Last month, the median price for a single-family home rose 4% from last year to $520,000, while new, single-family home listings decreased by 21.8%.
Condominium prices also rose in February, up 2.3% to $465,000, while condo listings fell 23%.
The report also found that year over year, single-family closed sales fell 20.1% to 1,899 from 2022’s 2,377, while closed condo sales dropped 23.3% to 877 from 1,144.