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: July month end inventories rose by a scant 0.4%. Average list prices were down in 9 counties and up slightly in only 4 counties. Distressed properties as a portion of the market increased in 8 counties.
Home Inventories: Home for Sale inventories are fractionally up across Massachusetts with 11 of 14 counties showing a month to month INCREASE in active listings, but with some populous counties showing 1 to 3 percentage point decreases in inventory. Across the state, total listings were up a scant 0.4% percent.
List Prices: Average list prices were DOWN June to July with 9 of 14 counties showing a decrease in average list price. List price decreases were generally small, except in Berkshire County where 44 new properties brought the average Berkshire County price down significantly.
Days On Market: The Movoto Days On Market report this month reflects a general increase in share of listings on the market more than 90 days. This month, 5 of 14 counties (up from 4 last month) 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 8 of 13 Massachusetts counties. Most increases in distressed inventory were very small indicating foreclosures rates are steady.
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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