"Buyers, buyers everywhere, but not a home for sale" could sum up the Bay State's first-quarter housing statistics. And the table could be set for a wild spring housing market, especially if more sellers leave the sidelines and decide to cash in.
Across Massachusetts, there was a 26.5 percent decrease in inventory of single-family homes and condos for sale compared with the first quarter of last year, according to data obtained from the Multiple Listing Service Property Information Network.
"The inventory of homes for sale, both new construction and resale, is as low as it has been in years and I don't see a sudden surge of properties coming onto the market," said Greg Vasil, president of the Greater Boston Real Estate Board.
The low inventory is starting to take a toll on sales growth. The Bay State saw first-quarter sales of condos and single-family homes nudge up only 1.8 percent compared with the first quarter of 2012, and transaction volume increase just 7.4 percent, a far cry from some of the double-digit gains of previous quarters.
However, home and condo sales occurred at a greater pace, with prop- erties on the market for 128 days in 2013, compared with 149 days in the first quarter of 2012.
Price gains continued in the first quarter as the median home price rose 6 percent to $276,900 in 2013, up from $260,000 in the previous year.
But Vasil said the numbers tell a larger story.
"Massachusetts hasn't seen the recent double-digit price spikes that former troubled markets have seen in places like Arizona, Nevada or Florida," Vasil said. "Our growth has been slower and consistent, which is a much better base for a solid recovery."
In Boston, sales volume was up 12 percent compared with the first quarter of 2012, and the number of transactions was up 2 percent compared with last year.
The median price for a condo or single-family home in Boston was up 7.5 percent from $379,000 to $410,000, according to data obtained from PIN.
The pace of sales continued to increase in Boston, with properties on the market an average of 73 days for the first quarter of 2013 compared with 118 days in 2012.
Inventory in Boston also tumbled, with the available condos and single-family homes on the market down 45 percent compared with the first quarter of 2012.
"In a truly healthy market, inventory would be low because of high demand. Buyers from all segments, not just the entry-level and the high end, would be entering the market to take advantage of record-low mortgage rates. But instead, sellers are slow to enter the market and middle segment, or 'trade-up buyers,' are feeling trapped," Vasil said.
Inventories have been truncated because new construction ground to a standstill for several years during the downturn. The unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and price jumps in certain parts of the city.
Looking around the Greater Boston area, cranes are abundant, with many of these projects slated for rental housing. It will be interesting to see which developments switch gears to condos to help fill the gap in inventory levels.
Jennifer Athas is a licensed real estate broker. Follow her on Twitter @jenathas.
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