Massachusetts Housing Market in a Major Glut - Prices May Soon Fall
An interesting article from the Boston Globe today paints a picture of how some buyers are desperate to sell in the Boston area. The situation is especially precarious for sellers in a subdivision, where multiple, almost identical homes are now competing with each other for buyers... definitely a buyer's market.
Across Massachusetts, the average number of single-family homes for sale each month during the first quarter of 2006 rose by 16,467, to a record 55,338 homes, the Massachusetts Association of Realtors said.
Homes are piling up on the market because sales have slowed dramatically in the past year. Sales of single-family homes fell to their lowest April level since 1995, according to a monthly housing report issued yesterday by the Warren Group, a Boston firm that collects real estate data.
Single-family home sales fell 16.5 percent last month, to 4,142 statewide, compared to the same month last year.
The condominium market, which until recently had better withstood the housing slowdown, experienced a 15.3 percent decline in sales last month, to 2,420 units.
