General Trends: April inventories were up 5.8% over March, reflecting the ongoing spring selling season. Average list prices were up in 10 counties and down in 4 counties. Distressed properties as a portion of the market were mostly up, but with only small changes in most counties.
Home Inventories: Home for Sale inventories are generally UP across Massachusetts with all 14 counties showing a month to month INCREASE in active listings. The general trend indicates that the spring home selling season is continuing.
List Prices: Average list price changes were UP March to April with 10 of 14 counties showing an increase in average list price. Overall list price changes are small, indicating a stable pricing environment for homes in Massachusetts.
Days On Market: The Movoto Days On Market report this month reflects a general aging of listings on the market with most counties showing an increase in inventory at the 30 to 90 days on market level. This month and last month 5 of 14 counties had more than 50% of homes on the market more than 90 days and most counties saw a slight increase in share of homes on the market over 90 days.
Distressed Properties: “Distressed Properties” share of the market showed an INCREASE in 9 of 13 Massachusetts counties. Overall changes in distressed inventory are small, indicating that new foreclosures are coming on the market only slightly more quickly than distressed properties can be sold.
Movoto defines distressed properties as any property that has an agent note in the MLS that defines the property as “Bank Owned”, “In Foreclosure”, “Short Sale” (where the owner is trying to sell at a price below the mortgage balance to avoid foreclosure) or “REO” (a term used to indicate the property is bank owned).
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