Realtor confidence in the local market has plummeted year-over-year in the absence of a federal stimulus, according to the Massachusetts Association of Realtors (MAR).

In November, the Realtor Market Index (RMI) – a measure of Realtor confidence – was 18.56, a 51.91 percent decrease from the 38.6 score recorded during the same time last year, according to a statement. This is the sixth straight month that the RMI has gone down.
On a month-to-month basis, the November RMI was down 10.55 percent from October’s score of 20.75.

Even though Realtor confidence has fallen, the November Realtor Price Index (RPI) number was up 3.97 percent from the Home Sales Price Index number in October of 43.03, according to a statement. November was the third straight month-to-month gain.

"Despite the ongoing uncertainty in the economy, Realtor members who responded to the survey continue to feel positive about home prices compared to the month before," said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. "While Realtors continue to be more positive about prices, they are less confident about the market than they were last month or compared to last year at this time, the ‘final’ month of the original tax credit."