Boston Massachusetts Condos
The Massachusetts Association of Realtors has released its May housing numbers.
And you guessed it: Sales down again last month in Massachusetts (by 9 percent for single-family homes and 1.1 percent for condos) while prices continue to soar ($347,900 median price for single families, up 7 percent; $316,000 for condos, up 9 percent).
The main culprit: Lack of supply.
But it’s still not nearly enough to meet demand. It’s ridiculous.
When is it going to change?
Update – 2020
Inventory issues continue to plague first-time homebuyers while competitive pressures have sparked bidding wars. By the end of August, there was only a two-month supply of housing available for sale, which is a historic low.
Here ins St. Paul there is a 1.8 month supply which is the lowest we have seen since December of 2018 when there was. 1.7 month supply. Minneapolis also has a two month supply.
Same old story. Lots of buyers and few sellers. In past decades we were able to build our way out of housing shortages. This time around there is little new construction and what there is is very expensive.
File under: Inventory blues