Inventory of Property for Sale in MA Falls
The broadest measure of housing inventory in MA showed a substantial decline in June 2009 as the amount of property for sale in Massachusetts fell by 9%.
June 2009 saw 11.2 months’ supply of single family homes for sale throughout Massachusetts. This represents a 9% decline in housing inventory compared to the 12.3 months’ worth of homes for sale last June.
Lower property inventory is widely viewed as a positive trend in a real estate market.
Franklin MA Home Inventory Rises
June’s good news was tempered by absorption results in the smaller markets tracked in this blog; the supply of single homes for sale rose in both the Town of Franklin, MA, itself and the regional market surrounding Franklin.
At 9 months’ supply, the June 2009 inventory of single family homes for sale in Franklin, MA is 8.4% higher compared to year-ago levels. But it is notable that the supply of property in Franklin remains significantly below that of both the regional market surrounding Franklin (11.7 months’ supply) and the broader MA market (11.2 months’ worth of homes).
The lower home for sale inventory carried in Franklin, MA can be viewed as testament to the enduring desirability of the Franklin, MA community in the eyes of the home buying public.
Condominium Absorption Rates
By far and away the supply of condominiums for sale in Franklin, Massachusetts continues to dwarf inventory levels in the rest of Massachusetts.
The inventory of condominiums for sale in Franklin has been swollen by the overwhelming number of new construction units that have come into service over the last 12 months.
Massachusetts Sheds Condo Inventory
On the other hand, condominium inventory levels fell sharply across the broader Massachusetts market in June 2009. At 9.6 months of supply, the overall MA market shed nearly 27% of available condo inventory in June 2009 compared to year-ago levels.
Condo inventory in the regional Franklin market remained nearly unchanged in June 2009, posting a 5.8% rise to 12.7 months’ supply (compared to 12 months back in June 2008).
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