New research from real estate analytics firm Zillow finds that sales in Massachusetts fell to the lowest level since April 2016, even as the state’s economy is recovering from the devastation of Superstorm Sandy.
The number of active listings in the Boston area has dropped from more than 1.6 million in August 2016 to about 748,000 today.
That’s an all-times low, according to Zillows report.
In a month in which the state recorded a 2.7% unemployment rate, that’s an incredible turnaround, Zillowers founder and CEO, Jeff Greenstein said in a statement.
The state is currently on track for a $6 billion annual sales decline, according the company.
That translates into about $5,000 for every home sold in the state, according Zillower.
Massachusetts’ home sales are down from last year’s peak, and the number of homes sold has been dropping since mid-2016, when the state experienced a severe drought.
ZillOW said sales in June were down more than 20% from July.
The state’s inventory is also down, according, to more than 100,000 fewer units compared to a year ago.
The number of houses on the market has also dropped by 20% since last summer, and Zillowitz said that’s likely because of the ongoing impact of the state economy.
The market for properties in the region has also been hit by the Great Recession, and this year is likely to be particularly tough, Greenstein added.
He said that many of the states biggest real estate players are still in the market for buyers.
The Boston market was hit especially hard, according for example, by a series of major hurricanes in May and June of this year, which flooded the region and destroyed some of the biggest realtors in the country.
Zellow said this has contributed to the state falling behind its peers in terms of housing activity.