Market resilience to low invent0ry levels is surprising, but as Scott reports sales continue to increase.
Posted by Scott Van Voorhis April 9, 2013 06:44 AM
Will dwindling listings derail the real estate recovery?
At least for now, the answer is no.
The number of pending sales across the state jumped 4.6 percent in March compared to the same time last year, the Massachusetts Association of Realtors reports.
In fact, the 4,308 homes put under agreement was the best showing since March 2005, at the height of the real estate bubble, when buyers laid claim to 4,404 homes.
That’s just a percentage or two difference.
Pending condo sales also took a big jump in March, surging 9.4 percent to 1,888.
Given the number of homes and condos for sale is down roughly a quarter from this time in 2012, buyers are clearly biting the bullet and taking the plunge anyway.
There’s certainly anecdotal evidence of homes that couldn’t sell last year being put on the market and getting offers now.
Buyers are looking past flaws that might have been deal breakers before and likely paying more as well.
And there’s some hard evidence as well.
Home prices in Greater Boston moved up 10.6 percent in February, slightly above the national average, the Boston Business Journal notes in this post on the latest CoreLogic report.