“Low inventory and pent-up buyer demand has created the perfect housing storm,” laments Linda O’Koniewski, CEO of RE/MAX Leading Edge. “The competition for homes in hot markets throughout Greater Boston has buyers frustrated and exhausted. Conversely, seller’s hesitate to move because of buyer competition and their perception that the home they want is outrageously priced when they aren’t confident their own home will sell for more money. It’s a stalemate situation. As long as interest rates remain low, the market will remain competitive and I expect interest rates to remain low at least through the Presidential election.”
According to the RE/MAX Leading Edge June Housing Report, lack of inventory has effectively caught up to housing sales. Sales of combined condo and single-family homes in Massachusetts decreased -3.7% year-over-year and pending sales are down -7.9%. Inventory is at an all-time low and down -29.2% year-over-year. Prices are up slightly +2.7%.