August 2017 Housing Report

“Get out the violins because agents and buyers are still crazy frustrated by the lack of inventory,” reports Linda O’Koniewski, CEO of RE/MAX Leading Edge, “and they should be.  It’s a vicious cycle, people who want to move are afraid to put their property on the market because they fear they can’t secure their next property.  Competition for worthy properties that are priced attractively is fierce.  I personally decided to capitalize on the market and will be closing on my home this month, and sellers who want to do the same should start engaging and preparing their homes to sell.  But for heaven’s sake, seek out a savvy, strategic agent who will guide you to maximizing your sale, not your neighbor’s uncle who sold one house last year.  It can cost you tens of thousands of dollars and maybe much more if you hire the wrong agent to sell your home.”

July sales of combined condo and single-family homes in Massachusetts decreased -7.2% year-over-year.  Inventory remains down -28.5% and the number of days on market is also down -34.3%.  Median sale prices remain up +5.6% while pending sales are up +4.1%.