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: August month end inventories dropped 3.3%. Average list prices were mixed with 6 counties showing decreases and 8 counties showing an increase. Distressed properties as a portion of the market decreased in every county.
Home Inventories: Home for Sale inventories are down across Massachusetts with 12 of 14 counties showing a month to month DECREASE in active listings. Notably, Suffolk County had an 11.1% decrease in inventory month over month. Across the state, total listings were down a healthy 3.3%
List Prices: Average list prices were MIXED July to August with 6 of 14 counties showing a decrease in average list price. List price decreases and increases were generally small across counties that have large listings inventories.
Days On Market: The Movoto Days On Market report this month reflects a continued increase in share of listings on the market more than 90 days. This month, 11 of 14 counties (up from 5 last month) had more than 50% of homes on the market more than 90 days.
Distressed Properties: “Distressed Properties” share of the market showed a DECREASE in 12 of 13 Massachusetts counties. It appears banks are getting aggressive about selling properties taken over through foreclosure and buyers are finding bargains they like.
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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