In June 2016, 17,711 homes were on the market in Massachusetts, the lowest inventory recorded since 2004. The number of listings dropped 28 percent in relation to June 2015, says the Massachusetts Association of Realtors (MAR).
With a limited number of available properties, the median price on a single family home rose by 3.5% from June 2015. “Buyers finally took a break for the first time since May 2015,” reported 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster, in a press release. “So much of this year’s activity came early when the market typically is slow. We also know some buyers are getting priced out of the market, and the only way we can fix this is with more inventory.”
Scarcity is good for homeowners looking to sell as demand right now is exceptionally high. With buyers competing for very few properties, median home prices are up by 2.2% and median condominium prices are up by 6.0% (as compared to June 2015).