“Inventory remains low, prices continue to creep up and buyers are rebelling,” reports Linda O’Koniewski, CEO of RE/MAX Leading Edge, “Buyers frustrated by competition and high prices are taking a step back and beginning a 'wait and see' approach. Our agents, who’ve been used to 8, 10 and 12 offers are now seeing a significant decrease in the number of offers on their properties. The high-end market especially has slowed significantly. I expect the market will begin to normalize in the weeks and months ahead.”
September sales of combined condo and single-family homes in Massachusetts decreased -10.8% year-over-year. Inventory remains down -20.2% and the number of days on market is also down -20%. Median sale prices remain up +7.9% at $374,000 while pending sales are up +9.7%.
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