Movoto Releases June 2008 Massachusetts Home Market Statistics

Redwood City, CA —July 11, 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: June inventories were down 2.3% over May. Average list prices were down in 9 counties and up in 5 counties. Distressed properties as a portion of the market increased in 11 counties.

Home Inventories: Home for Sale inventory changes are down across Massachusetts with 7 of 14 counties showing a month to month DECREASE in active listings. Across the state, total listings were down 2.3 percent.

List Prices: Average list prices were DOWN May to June with 9 of 14 counties showing a decrease in average list price. Of the larger counties, Norfolk County showed particular weakness with average list prices down 2.5%.


Days On Market: The Movoto Days On Market report this month reflects a general decrease in share of listings on the market 0 to 90 days and an increase in share of listings on the market more than 90 days. Again this month, 4 of 14 counties had more than 50% of homes on the market more than 90 days.


Distressed Properties: “Distressed Properties” share of the market showed an INCREASE in 11 of 13 Massachusetts counties. Distressed inventory as a portion of the market increased by one-half percentage point in the larger Middlesex, Norfolk, Plymouth and Suffolk Counties.


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).