The Massachusetts realtors have the 2005 fourth quarter numbers out. "The good times sellers have long enjoyed in the state's expensive housing market began to disappear last year. The Massachusetts Association of Realtors reported that price increases moderated, with the median selling price for single-family homes rising 5.9 percent. That compares with double-digit increases in recent years."

"The association reported that the inventory of unsold homes in Massachusetts grew 20 percent last year."

"The market's tilt toward buyers accelerated in the year's final quarter, when sales of single-family homes fell 8.1 percent. That's the largest such decline in nearly three years, dating to the first quarter of 2003."

"Every region of the state saw a drop in fourth quarter single-family home sales."

From the associations press release. "'The accelerated sales pace of recent years has all but ended and we’re returning to a more normal market,' stated MAR President David Wluka. 'Our strong seller’s market has been replaced by a more balanced one that will help stabilize home prices."

"Another factor that has helped entice buyers into the market of late is the sharp increase in the number of homes for sale across the state. In the past year, the inventory of single-family properties on the market has risen 20 percent, from a monthly average of 38,823 listings in 2004 to 46,501 in 2005. At the current sales pace this represents 7.7 months of supply, an increase from 6.6 months of supply in 2004, and signals the first time since 1997 that there’s been a healthy balance between supply and demand of 7 ½ to 8 ½ months of inventory for sale statewide."

"In the most recent quarter, the statewide median selling price for detached single-family homes rose 1.5 percent to $350,000 in the fourth quarter from the comparable period last year, and the statewide median selling price for condos increased 3.8 percent in the past year to $270,000 in the final quarter of 2005. 'Prices may soften, but look for flat to modest appreciation this year rather than sharp price declines,' said Wluka."

Compared to the third quarter, however, it appears prices have already declined. The SF statewide median was $370,000 in the third quarter, now down to $350,000. Looking at some smaller areas, the declines appear even steeper. Greater Boston is down from $515,000 to $467,000, in the same period.

The central region was down from $303,500 to $290,000. Northeast down from $408,000 to $385,000. Southshore was down from $369,900 to $360,000 and The west region was down from $215,000 to $199, 950.