'Good News For The Buyer' In Massachusetts
The Massachusetts realtors have their March numbers out. "Across Massachusetts, sales of detached single-family homes increased 2 percent on an annualized basis, from 3,373 homes sold in March 2005 to 3,440 this past March, while condominium sales improved 2.4 percent over the past year, from 1,691 units sold last March to a record 1,731 condos sold in March 2006."
"The modest gain in detached single-family home sales activity marks the first time in six months that sales have risen on a year-to-year basis. Among the factors behind the market rebound are mild winter weather, improved consumer confidence, and more realistic pricing on the part of sellers."
"'Buyers who had been on the fence in recent months have gotten serious now that mortgage rates are rising, and those who delayed home purchases due to the belief that a housing bubble existed have returned to the market as it’s become clear that major price declines are unlikely,' said MAR President David Wluka."
"While the statewide median selling price for detached single-family homes did decline in March from the same period last year, the decrease was a modest 1.7 percent, as the median price slipped from $350,000 in March 2005 to $344,000 last month."
"'The softening in prices we’re now seeing is due to today’s more plentiful supply of homes for sale, but it also reflects the decline in purchasing power caused by higher mortgage rates which limit how much home a buyer can afford,' Wluka noted."
"The inventory of unsold single-family homes and condos is now at its highest level in over a decade, with 60,373 listings as of March 2006, an increase of 39.4 percent from last March when 43,304 homes and condos we’re listed for sale."
From CBS 4 in Boston. "Dave Duplin and his wife Charlene have dropped the price of their three-bedroom, three-bath home with hardwood floors and a mother-in-law apartment in Worcester from $369,000 to $349,000 over the past nine months, and his realtor's asking him to drop it again."
"That's good news for the buyer, not such good news for Dave. 'I would take it off the market. Yes I would rather than giving it away. I have put $85,000 to $100,000 in it where I consider it to be mint.'"
"Dave Stead, who belongs to the Worcester Regional Association of Realtors, says there's more inventory, more choice. 'It wasn't uncommon to sell things in a day or two. Those days are gone.'"