Traditionally summer has always been a slower time for the real estate market, however, 2014 was an exception to this rule. Boston saw an increased number of properties put on the market along with the rest of Massachusetts—according to the president of the Massachusetts Association of Realtors, Peter Ruffini.
Ruffini stated he believes it will likely be good news for homebuyers that are struggling with the market’s increasing prices. Areas such as Plymouth are seeing substantial increases in listings, which is great for the local market. Coastal towns in Massachusetts often lead the way in real estate trends in the state.
Ruffini stated, “The good news is that there are fewer (sellers) sitting on the sidelines than there were earlier this year.”
June saw a total of 8,418 homes join the market in the state of Massachusetts—this marks a 13% increase compared to the same period in 2013 according to MAR.
More listings may mean less pressure for Boston buyers, who are currently facing less than optimal conditions that include bidding wars and an overall shortage of options.
While the median home price in Massachusetts has not yet hit the high seen during the housing bubble in the mid-2000s, Ruffini believes the market will still be okay.
“In my view the market recovery is more about sustainability and affordability. It has to be a sustainable market,” Ruffini stated.
Were you shopping for a new home this summer? Did you notice an increase in available Boston homes?