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For-sale listings hit pathetic low

Posted by Scott Van Voorhis September 5, 2013 08:22 AM

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The number of homes and condos for sale in some of the upscale towns along Route 128 has plunged to record lows.

It's about as low as you can go.

Just look at what's happened over the last four years.

There were 1,185 homes and condos for sale in Burlington, Lexington, Needham, Dedham, Newton, Waltham and Westwood back in July 2010, Redfin reports.

That number bumped up slightly to 1,234 in July 2011, before embarking on an epic, two-year swoon that has yet to bottom out.

Listings of homes and condos for sale in these west suburban towns plunged to an alarming 931 in July 2012.

Then, over the past year, listings have fallen by more than half again, to just 457 homes and condos for sale along the western stretch of Route 128.

No wonder prices are going nuts.

Home prices in Newton rose 12 percent through the first seven months of the year, to a median price of $886,000, Lexington prices are up 13 percent, to $810,000 and Needham saw a 10 percent increase, to $730,000.

Buyers, how's the house hunting? And sellers, where are you?

This blog is not written or edited by Boston.com or the Boston Globe.
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Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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