Inventory, affordability impacting Massachusetts homebuyers MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

Affordability and inventory were the most significant issues facing Massachusetts homebuyers last year, according to the Massachusetts Association of Realtors (MAR) December housing statistics report released Tuesday. In December, the Massachusetts real estate market had its lowest number of single-family homes and condominiums for sale since 2004.

That coincided with last month marking “the most significant reduction in year-over-year closed sales since September,” according to the report, which noted that nationally, however, existing home sales broke a five-month streak of declining sales. Amy Wallick, 2023 MAR president and realtor at Lamacchia Realty says while low inventory continues to create challenges for buyers, she encourages homeowners to consider entering the market. “Aspiring buyers have faced many obstacles this year but are still out there and active in the market,” Wallick said.

“We are anticipating existing home sales will follow the national trend and pick up in the months ahead, so if you are considering putting your home on the market, now is a great time. Buyers are interested and in search of a home to fit their family’s needs.” Last month, the median sale price for a single-family home in Massachusetts increased 6.9% from December 2022 to $567,500, while new, single-family home listings decreased by four point eight percent. The median condominium price also increased from last year, up fifteen point four percent to $525,000. Condo listings also fell last month, down seven point eight percent from a year ago.

The report also found that, year over year, single-family closed sales fell twenty one. percent from 2022, while closed condo sales dropped sixteen point five percent. The Massachusetts Association of Realtors says it’s continuing to advocate for the creation of more housing, as well as more fair housing education in the Bay State to ensure the preservation of homeownership for residents. “In 2024, the organization looks forward to continued collaboration with local and statewide legislators to help people across the state secure their dream of homeownership,” MAR said.

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