Home buyers see few price reductions

Today kicks off the holiday shopping season, which can mean big sales for most shoppers.

But while the retail world is offering deals and slashing prices, many home buyers aren't seeing the same price reductions they were getting in the recent past.

In Boston, the number of price cuts for single-family homes and condos is down 42 percent compared to last year with 1,924 listings reduced compared to 3,995 listings reduced last year, according to information provided from Multiple Listing Service Property Information Network.

Statewide, the number of price reductions for single-family homes and condos also tumbled, down 25 percent compared to last year with 36,248 listings reduced compared to 48,656 listings reduced.

Several factors are contributing to the decreased number of price reductions, including low housing inventory and brokers and sellers pricing property to move quickly.

"In some areas, such as Boston, homes are selling at the asking price at the first open house," said Ed Elkins, principal of Elkins Appraisal Services. "Buyers have a lot less to choose from. We are at about a two-month supply of homes on the market, with more buyers in the market than available properties."

Current inventory of single-family homes and condos is down 44 percent in Boston and down 20 percent statewide compared to last year, according to information provided from the MLS Property Informaion Network.

"Days on market are also lower and these low inventory levels are bringing a faster turnaround for today's sellers," Elkin said.

In Boston, the average days on market is down 38 percent — from 118 days to 73 days. In Massachusetts, the decline in days on market is 31 percent — from 158 days to 108 days.

What is also happening with sellers is they are more realistic about their home value and pricing their properties accordingly. What is guiding these sellers is the fact that they now have some "comparable sales" to judge a suitable listing price unlike the past couple of years, when sellers had only a few sales to support the value of their homes.

Jonathan and Hillary, a couple recently selling their condo in South Boston, sat down with a broker who presented them with a significant number of recent transactions in the neighborhood that made them feel comfortable with their initial listing price of $429,000.

"We had a slew of comparable properties to support the value and listing price of our just 1,000-plus square foot condominium on the east side," said Jonathan. The two-bedroom duplex, converted in 2006 and without parking, sold in just over a week.

With an adequate number of comparable sales and more buyers in the market than available listings, "this balance is helping to sustain price growth, and homes that are correctly priced tend to sell quickly, while those that aren't often languish on the market," Elkin said.

Median home prices for both condos and single-family homes in Boston are up 10 percent from $402,500 to $449,000 and up 3 percent in Massachusetts from $300,000 to $309,000, according to information obtained from MLS Property Information Network.

Jennifer Athas is a licensed real estate broker and can be reached by email at heraldhotproperty@gmail.com. Follow her on Twitter @JenAthas.

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