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Boston Condo Sales Outpace New Inventory

For several weeks in a row the number of new Boston condos coming on the market lags compared to the number of Boston condos selling or going under agreement.

Below are new Boston condo stats from the last seven days:

Number of new Boston condos listed on MLS – 17 (MLS has also has 6 other listings that were re-listed as new condos for sale)

Number of Boston condos under agreement  – 52

Number of Boston condos sold – 43

On 11/17/08 MLS had 1,963 Boston condos for sale. Today MLS has 1,851 Boston condos for sale.

What gives? Why are Boston condo sales outpacing new inventory.

http://www.bostonreb.com/page/8/

Read other posts about: General real estate stories

Posted by John Ford on 11/28/08 |
| Read 6 Comments »

6 Responses to “Boston Condo Sales Outpace New Inventory” »»

  1. Anon
    Comment by Anon | 11/28/08 at 9:01 pm

    John,

    With such an anemic sales pace ( 43 per week = 173 a month) The 1,851 inventory constitutes a whopping 10.8 months supply, a 6-7 month supply is considered healthy…

  2. John Ford
    Comment by John Ford | 11/29/08 at 9:34 am

    My point that I’m trying to make is that with all the negative media about the real estate market you would think that inventory would be on the rise not in decline

  3. Bradley
    Comment by Bradley | 11/29/08 at 11:30 am

    I guess sellers are realizing nothing is going to sell so they’re taking their properties off the market.

  4. John Ford
    Comment by John Ford | 11/29/08 at 12:00 pm

    Bradley, good point. One of my sellers who owns a studio condo in Beacon Hill pulled it off the market. Her intent is to rent the condo out on a short-term basis and re-list the condo in the spring market at the same price.

  5. condobuyer
    Comment by condobuyer | 11/29/08 at 12:16 pm

    I think she’ll might have to wait longer than spring. I don’t see Boston’s economic climate taking a drastic turn in 4 months. The financial industry, start ups continue to get hit. Most universities have hiring freezes and potential salary freezes.

  6. John Ford
    Comment by John Ford | 11/29/08 at 3:28 pm

    Condobuyer, your points are well taken. However, many Boston proper condo sellers (including this one) have other options than to lower the price. The rental market is still very strong and short-term condo rentals are a much better deal for a lot of people then to rent a hotel room for a month or so. A Beacon Hill condo short term rental is in high demand being so close to MGH.

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