Homes and Condos For Sale: Now vs. A Year Ago

It’s been a while sense we looked at a comparison of homes available for sale today versus a year ago. The available-for-sale figures are from Massachusetts multiple listing (MLS) data.Let’s first consider the number of homes on the market.

2013-7-OnMkt-units

As we can see, in virtually every one of our local communities, the number of homes for sale (I’m including condominiums together with single-family homes) is down, sometimes significantly. What happens when supply is reduced? That’s right, prices go up.

2013-7-OmMkt-Median

That’s what’s happened here. In every one of these South Shore towns we see price increases. Sometimes a little bit and sometimes quite a lot.

2013-7-OnMkt-table
In the towns of Braintree and Holbrook, homes available for sale have fallen precipitously; by 41% and 56%. Only the town of Hull has seen an increase in inventory.

Conversely, median asking prices for homes in Cohasset, Hull and Weymouth are up between 13 and 24%.

Interest rates remain low though they are inching up. Buyers today find that homes are sold before they get to make an offer. Sellers are in an excellent position to set fair but aggressive pricing.

Today, more than ever, savvy Internet marketing which displays fabulous photographs is essential. You can read my article on this subject here. If you’d like to talk about any of this, please give me a call at 617 – 510 – 5106.

Bob Mitchell

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