Supply for single family homes in MA has dropped from year to year for 23 straight months and fell to a 9 year low last December. This coupled with 6 straight months of year over year sales increases in homes sold has many believing that prices will be on the mend and soon. MA has seen a 5.6% increase in sales price from March of last year, but median home price is still off 15.6% from its peak in 2005.
The increase from last March may just be the tip of the iceberg as many potential buyers are feeling left out in the cold with offers of over asking coming out on the first day for some homes. If the sellers who were waiting for the market to stabilize decide to list, prices should remain stable. But if the sellers do not return and inventory is brought down even further by the spring and summer seasonal increase in buyers, then prices may very well get close to peaking again.
For more details NEWS!!! Boston.com.
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