BOSTON — Two organizations that follow the state’s real estate market say a shortage of homes on the market is driving down sales while driving up prices.
The Massachusetts Association of Realtors reported yesterday that the number of sales of single-family dropped almost 12 percent last month when compared to the same month a year ago, while the median price jumped more than 8 percent to more than $314,000.
The Warren Group, a publisher of business data, reported an eight percent decrease in sales volume and a nearly 9 percent boost in the median price to $315,000, the 18th consecutive month of higher year-over-year prices.
The organizations use slightly different figures in their calculations.
Realtors President Peter Ruffini says rising home values provides an incentive for owners to put their homes on the market.
Locally, Park Square Realty Realtor Lesley Lambert said there is definitely a shortage of homes for sale in the Westfield area.
“I think the harsh winter has something to do with it,” Lambert said. “People considering selling were slow to prepare their homes for sale.”
The home shortage isn’t just a local problem.
“My Realtor friends around the country say they’re having the same problem,” said Lambert.
Lambert said many people have the misconception that the spring market begins in May. She said that is too late for buyers who have already been searching for a few months.
In western Massachusetts, the homes that sell quickly are often smaller, well-priced homes sought by first-time buyers.
“The next quickest to sell is the ‘move-up’ home in the mid $200,000 – $300,000 range,” Lambert said.
Lambert said homes that are fairly priced in all sizes and price points are sold faster than others.
