Massachusetts Pending Home Sales Show Spring Rebound
The Massachusetts housing market has been on the mend in recent months. Real estate professionals believed that demand stalled last fall after sales unexpectedly declined and foreclosures began to rise. Edward Glaese, the director of the Rappaport Institute for Greater Boston, said the trend was discouraging but advised against becoming too alarmed. Fortunately, more recent data shows that the market appears to be rebounding this spring, which is encouraging for anyone trying to buy or sell a home in Shrewsbury.
New Reports Are Encouraging for the Spring Housing Market
Data from Massachusetts Association of Realtors shows that housing sales have risen sharply over the last couple of months. Sales increased over 14% in March, while prices rose 12%. Economists believe that activity has increased due to warmer weather, which indicates that the next few months will prove robust. Since the Northeast was slammed with an unusually late series of winter storms, many residents have postponed making new housing purchases. According to a survey from local Realtors, 36% of clients held off making new home purchases after the winter struck.
The market for single family homes is probably the strongest. Sales and prices for those units have risen for 24 of the past 25 months, according to Rich Rosa, an agent with the Buyers Brokers Only. The vibrancy of the market for middle class homes is somewhat surprising, since the labor market hasn’t been overly strong.
Will the Shrewsbury Market Recovery Gain Momentum This Spring?
The state housing market is expected to continue to gain momentum in the next few months. The market for houses in Shrewsbury may prove to be especially strong, because housing prices are rising faster than the state average. Data from House Hunt shows that listing prices for Shrewsbury properties increased 25% between December and March, which indicates that the market remained resilient throughout the winter.
The local job market is also expected to pick up in the coming months. One entrepreneur recently announced plans to create a 500,000 foot virtual business, which could boost employment for many locals. The demand for housing may increase as job market improves.
Shrewsbury also remains a popular place to live for people that want to enjoy a small town lifestyle. While the state housing market continues to grow, the market for homes in smaller communities may increase more rapidly as many people try to move away from the larger city lifestyle, especially since Boston housing prices have become too unaffordable for many people in recent years.