- The Boston Globe
- By Jenifer B. McKim
The Massachusetts housing market made a comeback last year, with 46,887 single-family homes sold — the best showing since 2006!
“It is clear we have turned the corner and are gaining ground rapidly,’’ said Timothy M. Warren Jr., chief executive of Warren Group.
Greater Boston showed even better numbers in 2012, with the median price for singlefamily homes hitting $470,000, 6.8 higher than in 2011, the Greater Boston Association of Realtors said. The group includes communities largely within the Interstate 495 loop. Condo prices in that region rose to $380,000, a 10.3 percent increase compared with 2011.
But as more buyers compete for homes, the number of properties on the market continues to shrink.
The inventory of single-family homes fell by 28.1 percent at the end of December, compared with 2011, according to the Massachusetts Association of Realtors, which also released data Thursday.
The number of condos for sale fell by 34.3 percent in December, compared with 2011, the association said.
John Ranco, senior associate at Hammond Residential Real Estate in Boston’s South End, said the lack of homes to sell is proving a challenge to the market’s recovery.
“We seem to have lots and lots of people looking for housing and very, very little to choose from,’’ he said. “It’s a little bit of a horse race to get properties into agreement right now.”
Christopher Doherty, president of the Northeast Association of Realtors, said he hopes more people start to realize now is a good time to put their homes on the market. “Buyers are out looking now, and every property that comes to the market is getting tremendous attention,” he said.