Report: price drop creates buyers market
Softening prices for homes in the Bay State has helped to create a "one of the strongest buyers markets in years," according to report released by the Massachusetts Association of Realtors (MAR).
In 2006, sales of single-family detached homes fell 23.4 percent from 2005 numbers, while condos fell 22.3 percent. Meanwhile, the number of homes on the market has risen by 19 percent, with 63,945 listings in Q3 of 2006, up from 53,690 listings in the same period in 2005. Those homes are also spending more time on the market, sitting for an average of 116 days before selling in Q3 of '06 versus 81 days in the same period last year.
While the number of homes available is rising, selling prices for homes in the Commonwealth are falling. The median selling price for single-family homes fell 4.9 percent, down from $370,000 recorded in late 2005 to $352,000 in the same quarter this year. Condos slipped as well, from $282,000 in Q3 of '05 to $275,000 this year.
In the Central Mass. region, sales suffered a 25.6 percent drop in sales, falling from 2,731 in 2005 to 2,032 this year. Median selling prices also fell, dropping from last year's $303,500 to $290,000 in '06, a drop of 4.4 percent.
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