Buyers, don’t get your hopes too high about a less competitive housing market this spring.
Despite rising prices and bidding wars, homeowners remain reluctant to put up for-sale signs, creating a shortage of available properties that is frustrating buyers and real estate agents across Eastern Massachusetts. Many are crossing their fingers that a flood of new listings will materialize to ease the pressure on the market and prices as the crucial spring selling season gets underway.
But don’t count on it.
“The recent stunning lack of inventory of homes for sale is still stunning — and it’s even getting worse,” said Mary Gillach, a real estate agent at Brookline’s Gillach Group, affiliated with William Raveis Real Estate. “It’s not just in Brookline and Newton and other areas we cover. I’m hearing it from others all over.”
Tight inventories have been the story of the region’s housing market for more than a year, tamping down sales, driving up prices, and showing few signs of easing. Listings of single-family homes statewide have declined for 24 consecutive months — including a 19 percent plunge in February — while median sale prices have increased for 28 straight months, according to the Massachusetts Association of Realtors and Warren Group, a Boston real estate tracking firm.
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