Massachusetts real estate agents describe a highly competitive spring market
Homes are expected to sell quickly, although market inventory is still low, says the head of Mass. Association of Realtors
Updated: 11:34 p.m. EDT, April 28, 2022
Hide transcript Show transcript
LOOKING FOR YOUR DREAM HOUSE. >> YOU WANT A LONG STORY? >> A COMMUNITY COLLEGE PROFESSOR KRISTI GLOVER SWA DOESN’T REQUEST MUCH IN A NEW HOME, A SHTOR COMMUTER RIGHT FOR PAN FOR HER FAMILY. >> I WOULD GET SOMETHING SMALLER THAT WOULD BE MORE MONITORABLE FOR ME AND MY CHILDREN. SHAYNA: IT TOOK A LOT TO REACH YOUR CHILDREN’S HOMES. >> I WENT AS FAR AS SOUTHBRIDGE, AUBURN, CLINTON, HOLDEN. EVEN LEOMINSTER. THERE ARE MANY TIMES I HAD THE INK A LITTLE BIT, ESPECIALLY WHEN YOU FALL IN LOVE WITH THE HOUSE. THIS HOUSE IS SO PERFECT FOR ME. SHAYNA: Brokers say she’s not alone on this journey. >>WE HAVE MORE DEMAND FOR HOUSING IN MASSACHUSETTS THEN WE NEED A SUPPLY TO FILL. >> DON AS PRESIDENT OF THE MASSACHUSETTS ASSOCIATION OF REALTORS 2022. SHE SAYS NO SURPRISE EXPECTS LOTS OF COMPETITION THIS SPRING. WHERE ARE THE HOTSPOTS AND WHERE DO PEOPLE PLAN TO SUBMIT? >> EVERYWHERE IT HAS A HOUSE. THAT IS THE HONEST ANSWER. SHAY: NA HOME INVENTORY I DOWN. REALTORS GROUP DATA SHOWS THAT THERE ARE 10,000 HOUSINGS ON THE MARKET AT THE END OF FEBRUARY 2020. THIS NUMBER IS DROEDPP IN 2021 AND 2022. >> HOUSES DON’T STAY ON THE MARKET LONG, SO IT FEELS LIKE THERE IS NO STOCK. WHEYON U HAVE MORE BUYERS THAN HOUSES COME ON THE MARKET IT FEEL THERE IS NOTHING TO BUY. SHAYNA: THIS FEELING HELPS HOUSE PRICES GO HIGHER. IN FEBRUARY 2022 THE MEDIAN PRICE FOR A HOUSE IN MASSACHUSESTT WAS $45,000 MORE THAN THE SAME TIME IN 2021. FOR CONDOS THE MEDIAN PRICE IS $450,000. INCREASED BY 25,000 SINCE ONE YEAR AGO. SHE SAYS POTENTIAL BUYERS WITH HOUSES THAT GO ABOVE THE PRICE ARE PREPARED. >> THE FIRST OFFER YOU MAKE MAY BE THE ONLY OFFER YOU NEED TO MAKE. YOU MUST KEEP EMOTIONALLY GUARDED TO ENSURE YOU DON’T BUY EMOTIONALLY. SHAYNA: TO GET A SENSE OF THE MARKET, WE ASKED REAGENTS AND A3 COMMUNITIES TO SHOW US REAL ESTATE. IN BROOKLYN, THIS TWO BEDROOM, TWO BATH COMBINATION WAS LISTED ON O LONGWOOD AVENUE IN MARCH FOR MORE THAN A MILLION DOLLARS. . THAT IS HIGHER THAN THE MEDIAN PROPERTY PRICE THERE. >>THIS IS AN EXCELLENT LOCATNIO SHAYNA SHAYNA: THE KITCHEN IS JUST AT THE ENTRY AND LEADS INTO THE OPEN DINING AREA LNDIVING SPE.AC THE REALTOR SHOWS US AROUND. >> IT’S NICE BECAUSE THE BEDROOM AREAS ARE OUTSIDE THE COMMON AREAS. SHAYNA: THERE IS LOTS OF STORAGE SPACE IN THE PRIMARY BEDROOM. >> IT IS VERY BIG. SHAYNA: THIS LIST HAS AN UNUSUAL BACKSTORY. >> THE SELLER HAS NO FAMILY AT THE TIMES SHE HAS PASSED AND THEREFORE ALL PROCEEDS FROM THE SALES WILL GO TO A CHARITY. SHAYNA: NOW FOR WESNET WTON. THE SINGLE-FAMILY HOME WAS LISTED FOR $829,000. LOWER THAN AVERAGE PRICE FOR SINGLE FAMILIES IN TOWN. REALTOR MELANIE SHOWED US OUT. >> IT’S A PERFECT STARTER HOUSE. IT’S SMALLER BUT ENOUGH SPACE. IT IS ALMOST 1600 SQUARE FEET. SHAYNA: BELOW, THE LIVING ROOM, DINING ROOM AND AN UPDATED KITCHEN SHOULD >>REPAINT THE CABINETS WHITE. ADDED THESE BEAUTIFUL COUNTERTOPS. SHAYNA: UPPER, THREE BEDROOMS AND THE ONLY BATHROOM. PLUS, A JOB HIDDEN IAN LANDING AT THE TOP OF THE STAIRS. >> COVID LIVING. SH:NAAY OUTSIDE, ENJOY THE SUN ON THE DECK OVERLOOKING THE NEARLY 70 50 SQUARE FOOT YARD. >> THIISS PRE-MUCH A DREAM FOR SPRING AND SUMMER LIVING SHAYNA SHOULD: WE HAD TO CHECK AFTER WORCESTERO T A COLONIAL THREE BEDROOM TWO HALF RMS.OO LIST PRICE, 549,000. AVERAGE PRICE FOR A SINGLE FAMILY IN WORERSTCE, 389,000. >> THIS IS THE OPEN CONCEPT. SHAYNA: RLTOREA TIM KNO TWSHE NEIGHBORHOOD GOOD. >> THE NEIGHBORHOOD WE ARE IN IS LARGER HIATM HEIGHTS. IT IS FULL OF HISTORICAL HOUSES. SHAYNA: THIS HOUSE IS AN EXCEPTION. IT WAS BUILT 12 YEARS AGO. >> ALSO, ALTHOUGH IT WAS BUILT IN 2010, A LOT OF ATTENTION TO DETAIL WAS NEEDED TO MAKE IT UP TO THE OTHER DRIED PROPERTIES IN THE SHAYNA ETH DISTRICT:. ON THE SECOND FLOOR YOU WILL FIND AN OFFICE IN ADDITION TO THE THREE BEDROOMS. >> NOW PEOPLE HAVE NO PROBLEM LIVING FAR FROM THEIR OFFICE SPACE AND THAT WORCESRTE ALWAYS WINS. SHAYNA: IN THE END, KRISTI FOUND HER NEW HOME. IT IS IN WORCESTER, EXACTLY AS SHE HAD RAISED. >> AFTER SEVERAL MONTHS AND AT LEAST SEVEN OFFERS, I FINALLY RECEIVED AN OFFER. SHAYNA: IT’S ON MALDEN STREET, THE SAME STREET SHE FOUND THE FIRST HOUSE SHE BID FOR. >> IT WILL FEEL GOOD, WE A HREOME. ANTHONY: YOU WILL NOT BE SURPRISED TO HEAR THAT ALL THREE HOUSES SHAYNA SHOWED US WENT UNDER CONTRACT SOON AFTER SHE TORN THEM UP. THE AGENT SAID THE SELLERS HAVE RECEIVED SEVERAL OFFERS AND THE WORCESTER HOUSE IS ALL OFFERS ABOVE THE PRICE. ABOVE BID WHILE THE AVERAGE HOUSE PRICE IN MASSACHUSETTS IS $510,000, PRICES ARE RISING RAPIDLY AS THEY MOVE INTO THE BOSTON GREATER AREA. ETHED MIAN PR
Massachusetts real estate agents describe a highly competitive spring market
Homes are expected to sell quickly, although market inventory is still low, says the head of Mass. Association of Realtors
Updated: 11:34 p.m. EDT, April 28, 2022
Real estate agents expect the home sales market to be competitive in the spring of 2022. Dawn Ruffini, 2022 president of the Massachusetts Association of Realtors, said there are more buyers than sellers, meaning most homes don’t stay on the market very long. Data from the brokerage group shows that there were 10,057 homes on the market at the end of February 2020, compared to 2,349 in February 2022. To get a feel for the market, Chronicle visited homes in Brookline, Newton and Worcester with real estate agents.
NEEDHAM, Mass. —
Real estate agents expect the home sales market to be competitive in the spring of 2022. Dawn Ruffini, 2022 president of the Massachusetts Association of Realtors, said there are more buyers than sellers, meaning most homes don’t stay on the market very long. Data from the brokerage group shows that there were 10,057 homes on the market at the end of February 2020, compared to 2,349 in February 2022. To get a feel for the market, Chronicle visited homes in Brookline, Newton and Worcester with real estate agents.
