Boston condo inventory is low, we all know that by now.
But how low can it go?
A quick property search will show you just how low, but to sum it up:
Last year on January 2nd there were 882 condos in Boston on the market. Today, there are 455. That’s 50% fewer condos on market this year than last!
With 225 condos in Boston going under agreement in the past month, that puts us at 2.0 months of inventory on the market. Considering that a balanced market is somewhere near 6-8 months of inventory, the Boston market is running bone dry.
Here’s how the some of the individual Boston neighborhoods break down:
Last January, 453 condos were added for sale to the Boston market, and 479 were added in February. We could use all those and more this year to keep up with the insatiable demand from buyers in the market right now. Whether or not we’ll see it is another story.