Movoto Releases May 2008 Massachusetts Home Market Statistics

Redwood City, CA — June 6, 2008 — http://www.movoto.com/, the spot on the internet to find and buy a home in Massachusetts, today released the company’s monthly Massachusetts home inventory report. Movoto’s report is drawn from the MLS Property Information Network of Massachusetts and gives a snapshot of local inventories of homes for sale, average list prices, time on market and inventory of distressed properties.

General Trends: April inventories were up 2.2% over April, reflecting the ongoing spring selling season. Average list prices were up in 9 counties and down in 5 counties. Distressed properties as a portion of the market were mixed, but with a significant increase in 2 large counties.

Home Inventories: Home for Sale inventories are generally UP across Massachusetts with 13 of 14 counties showing a month to month INCREASE in active listings. The general trend indicates that the spring home selling season is continuing and that buyers are not out in force.


List Prices: Average list prices were UP April to May with 9 of 14 counties showing an increase in average list price. In the large counties overall list price changes are still small, indicating a stable pricing environment for homes in Massachusetts.


Days On Market: The Movoto Days On Market report this month reflects a general increase in listings on the market 0 to 90 days and a decrease in share of listings on the market more than 90 days. This month saw 4 of 14 counties with more than 50% of homes on the market more than 90 days (down from 5 in April). We believe that homes on the market for long periods of time are being taken off the market or re-listed and that newer inventory is still selling slowly.

Distressed Properties: “Distressed Properties” share of the market showed an INCREASE in 7 of 13 Massachusetts counties. Overall changes in distressed inventory were significant in Bristol and Suffolk Counties – increasing by more than a percentage point in each county.


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).

Adelanto Property Agoura Hills Property Alhambra Property Aliso Viejo Property Anaheim Property Apple Valley Property Arcadia Property Artesia Property Avalon Property Azusa Property Baldwin Park Property Banning Property Barstow Property Beaumont Property Bell Property Bell Gardens Property Bellflower Property Beverly Hills Property Big Bear Lake Property Blythe Property Bradbury Property Brea Property Buena Park Property Burbank Property Calabasas Property Calimesa Property Camarillo Property Canyon Lake Property Carlsbad Property Carson Property Cathedral City Property Cerritos Property Chino Property Chino Hills Property Chula Vista Property Claremont Property Coachella Property Colton Property Commerce Property Compton Property Corona Property Coronado Property Costa Mesa Property