Boston Area Home Sales Down Due to Inventory

Boston area home sales, as well as sales of single-family homes and condos throughout much of Massachusetts, fell again in March, a sign that shrinking inventory is keeping a lid on sales volume.

An industry tracking company, The Warren Group, reports single-family home sales dropped 3.6 percent in March. This marks the second consecutive monthly decrease in Boston area home sales, even though March sales were the highest in any month so far this year.

Home sales in the first quarter are also down 2.1 percent from last year’s first quarter.

Boston Area Home Sales Not The Only One Affected

Boston area home sales down due to an inventory shortage.Low inventory is plaguing housing markets all over the country, and Boston area home sales, and Massachusetts home sales, are no exception. With mortgage rates low and prices competitive, it is hoped that more sellers will emerge and the trend in dropping home sales will reverse.

The median price for single-family homes sold in March rose more than 8 percent. That’s the sixth consecutive month that monthly home prices have increased year-over-year.

Condo sales dropped more than 2 percent last month. However, condo sales were up one percent in the first three months of the year from a year earlier.

The shortage of inventory is a prime reason why now is an excellent time to consider selling your Boston area home, if you’ve been holding off waiting for the market to come back. We posted an article this past Sunday about why there has never been a better time to sell your Boston area home.

If you’re considering selling your Boston area home, we have lots of tips here at our website. Just browse over to our Boston Home Selling Tips for more great information.

Don’t forget, you can find Buyer’s Choice Realty on Facebook.

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