Sunday, March 05, 2006

1 in 48 Massachusetts Houses For Sale

According to the 2000 US Census, there were ~2.44 million owner-occupied households in MA. In January, the MAR reported an inventory of 51,122 homes for sale. That means that ~2.1%, or about 1 in 48 MA homes were for sale. No wonder "For Sale" signs seem to be everywhere you look.

By comparison, at the peak of the 80's market there were ~30,000 units for sale. By 1991 that number swelled to >44,000.


rent to own said...

thanks I had been looking for that number. I estimated about 2.5M, given a population of 6M, so I was close.

these are key to measure scope, particularly with foreclosures. They may be up dramatically, but the overall problem is still low.

same thing with ARM adjusting, etc. disputes the overall gloom and doom crowd.

i'm not staying things aren't going down, i'm just trying to understand MA for my own (selfish) reasons.

indigo said...

Given the recently reported difference between sales data based on town records and MLS (supposedly due to FSBO's and direct buidler sales); the fraction of all houses is probably higher.

Add to that the large increase in listings I have noticed since March 1st and the real number bay be closer to 1 in 30 (or more conservatively 1 in 40)!

At what point is the problem not still low?

Rob Dawg said...

1,634,451 Owner occupied units 2004.

2,649,029 units total.
Not all units for sale are owner occupied.
Not all units are sellable.

Far more than 3 of 100 units are currently on the market.

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