I did some research to see where things stand regarding single-family homes for sale throughout several Massachusetts cities and towns.
My research was by no means exhaustive.
Still, it gives a quick snapshot of the situation you may find yourself in, if you are thinking of selling your home … or thinking of buying one.
I chose ten cities/towns – several I thought were considered “upper-class” and “upper-middle-class” and several I thought were considered “not” “upper-class” or “upper-middle class”. I also included the Boston neighborhood of Dorchester, since it’s been getting so much press, recently.
Data covers the number of sales during the three months 11/01 – 01/31, for the past four years.
city — 2005 / 2006 / 2007 / 2008 / on market, today … mos. of supply
Chelsea — 18 / 4 / 5 / 18 / 35 … 5.83
Duxbury — 35 / 42 / 35 / 26 / 106 … 12.23
Everett — 27 / 31 / 20 19 / 84 … 13.26
Lawrence — 65 / 50 / 51 / 32 / 140 … 13.13
Lynn — 149 / 129 / 82 76 / 299 … 11.80
Medford — 58 / 51 / 56 / 44 / 79 … 5.39
Newton — 122 / 100 / 146 / 88 / 147 …. 5.01
Quincy — 99 / 102 / 81 / 70 / 152 … 6.51
Stoughton — 47 / 44 / 49 / 37 / 115 … 9.32
Topsfield — 10 / 10 / 9 / 13 / 36 … 8.31
Dorchester — 38 / 36 / 38 / 29 / 138 … 14.28
A “stable” market would be one in which there were 5-8 months of supply – high enough that any buyer could choose from a wide selection, but low enough that an owner could feel comfortable that he/she could find a buyer if his/her property was priced appropriately.
What are your thoughts? As a potential buyer or homeowner, what do you think of this data? Does it surprise you in any way?
Are there any other towns or neighborhoods you would like to see analyzed?
Source: Based on the information provided to and compiled by MLS Property Information Network, Inc.
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