'Extremely Competitive': Single-Family Homes Selling Fast In Massachusetts
MELROSE (CBS) - Single-family homes in Massachusetts are hitting the market and selling fast. "The market is very hot, very hot," Century 21 Realtor Lisa Howitt said.
Howitt is a realtor in Melrose and said most homes are going under agreement in less than a week. "Over asking is very common because there is competition," said Howitt.
Howitt just listed a single-family home in Melrose on Tuesday. She's already scheduled six private showings and expects an offer by Monday.
"Since COVID we've seen a bigger migration than normal from Boston, Charlestown, the densely populated areas," said Howitt.
The Massachusetts Association of Realtors said the inventory of single-family homes for sale is down more than 50% compared to this same time last year.
"I think part of that is COVID related and we have some sellers that have delayed the entry of their homes into the market," said Kurt Thompson, President Massachusetts Association of Realtors.
Thompson said this is the best the sellers' market he's seen in 20 years. He expects more homes to come on the market as sellers feel safer.
"We understand that it's extremely competitive right now, but markets do cycle and there is going to be an opportunity when this market moves back toward balance," said Thompson.
Thompson says this is no longer a market for the curious and that buyers need to be prepared if they're serious about closing a sale.