In Worcester and throughout Massachusetts, spring is traditionally a popular time to put homes on the market. As people anticipate summer relocations, purchasing residential real estate becomes a priority for individuals seeking to establish new roots. What home buyers and sellers will face this spring may be somewhat different than what the housing market presented a year ago.
Just last month, sales of single family homes in Worcester County and across Massachusetts dropped more than 2% over similar sales in March 2012. While a decline in the sale rate may suggest a downturn in the local housing market, experts suggest that different factors may be influencing the decline in sales.
The Warren Group, a Boston area business that reports on real estate figures, asserts that while sales in the state are down, the prices of those homes that are selling are up significantly over March 2012 sales prices. With the prices of both single family homes and condominiums up over 2012 figures, there is some concern that high prices may drive available homes out of the reach of some buyers. Others in the industry suggest that while prices on residential property are up, prospective sellers may be more likely to put their homes on the market.
The existing residential property market is not the only one to experience changes over the last year. Across the country and here in Massachusetts, as the number of existing homes for sale have dropped, residential development of new homes has picked up. New home prices are also up over prices in March 2012, though the increase in new construction market is not as great as in the existing home market.
For buyers and sellers in the area, it is an exciting time to be involved in the residential real estate market. With new construction supplementing the lack of existing homes for sale, buyers may find themselves with unexpected purchase options while sellers may benefit from increasing sales prices across the nation.
Source: Telegram News, “Mass. Home sales decline,” April 24, 2013