Shocking Boston Condo Inventory!8 Sep Michael Sylvia
I love real estate, and I love analyzing numbers. I'm not an economist, but more of a self proclaimed "numbers guy". My goal is to always have my finger on the pulse of the real estate market. I'm constantly looking at inventory, calculating the average price per square foot for different areas, average and median prices, and analyzing that data.
Since 2012, the Boston condo market has been on fire. Buyers are always wondering when multiple offers on properties are going to end, and when inventory will increase. I decided to analyze Boston condo inventory over the years. What I found was shocking! I knew inventory was tight, but I had no idea just how constrained it has become.
As of September 1st, 2016: 508 Condos on the market in Boston.
As of September 1st, 2006: 2,622 Condos on the market in Boston!
That's an astonishing 80.6% drop in inventory in 10 years!
Based on the above inventory, the market is not going down in 2016 or maybe even 2017. It's simple supply and demand, and with interest rates under 4%, this fantastic sellers market in Boston will continue.
If you have been on the fence on whether to sell your Boston condo and move to the suburbs, this is an amazing time. The suburban market is slower than the city, so you can capitalize on that by selling for a high price, and getting a discount on your purchase. Please reach out to me directly if you'd like a free market analysis of your condo or home.