Wicked Local
While a dearth of housing stock across the state has heightened competition among buyers, this reality is nothing new in Newton, according to local realtors.
Steve Medeiros, the president of the Massachusetts Association of Realtors, said the statewide shortage has been long in the making.
The decreasing inventory creates a ripple effect across the state’s housing market: As more buyers compete for fewer properties, the closing prices increase and the length of the sales period shortens.
In Newton and the surrounding area, “There’s always been a very high demand” for houses and condos to buy, said Michael Spurr from Newton Centre Associates at Keller Williams. He has also seen prices going up, as well as bidding wars in the city.