Housing inventory: how low can it go?

A recent Boston Globe article Snow delays spring market highlighted the lack of inventory in the, you know, “important” markets such as Cambridge and Somerville.

We know inventory is down from last year, when if you remember we had the polar vortex, but where do we stand, here in Essex County and indeed throughout Massachusetts, compared with the last several years?

First Single Family Homes(SFH):

Source: MLS, Oliver Reports

Source: MLS, Oliver Reports

and condos:

Source:MLS, Oliver Reports

Source: MLS, Oliver Reports

While inventory is down year over year, it is down even more when we look back to 2011/12.

Realtors are encouraging sellers to hit the market now to take advantage of the shortage of inventory, but many houses are not yet ready for sale as their owners repair the winter’s damage.

Buyers are out there, as illustrated in this Boston Herald Harsh winter hasn’t slowed sales article.

Low inventory, low interest rates, plenty of buyers. I have said it before and will doubtless say it again: the law of supply and demand tells us that prices are going up.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

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