Yesterday, The Boston Globe had an interesting article about the difficulties of finding a home in a slow housing market. It seems that even though housing prices dropped in some areas, there aren’t many quality homes on the market at the moment.
According to the Massachusetts Association of Realtors, there are actually 22 percent fewer single-family homes and condos for sale now in Massachusetts than in June 2006. In the Boston area, inventory declined even more.
But if you’re out shopping for a home right now, you probably already knew that.
Despite all the screaming headlines about a crashing market, it’s harder than ever to find a place where you’d want to live at a decent price. I bought a two-bedroom condo in Brighton in 2007 and haven’t seen anything better or as well-priced on the market since.
In fact, Redfin shows only 13 two-bedroom condos in the size and price at which I bought over a year ago. Five of these cost more than what we paid. The rest are located much farther out in places we wouldn’t have looked. The few condos on the market in our neighborhood today are listed at higher prices — sometimes much higher — than what we paid. It seems to go against the popular market wisdom of the day, but if we hadn’t made the leap back then, we would be pulling our hair out by now.
In fact, I’d say househunting is a little bit like going grocery shopping these days. Sure, maybe the price of that box of cereal is the same, but the box is only half the size of last year.