It’s All About the Inventory…
David Bates / April 19, 2013-1:53 pm
The lead for my column at Banker and Tradesman this month was about a veteran Beacon Hill agent who told me he could list a dog house and get five offers on it in 24-hours. Of course, I wondered if the offers would be just a few percentage points in excess of the list price or if the bidding for the dog house get even crazier?
I also pointed out that recently, by my count, there were fewer than five hundred Boston condos available to buy. That total included all the condos available in every Boston neighborhood. In the column I noted that on the same day just two Aprils ago, Boston had around 2,000 condos available for sale. What happened? I speculated, “Did Jillian Michaels yell at the city and force it to radically trim its condo waistline?” My response: “I don’t know, but take it easy Boston, your condo market is looking kind of, well, anorexic.”
The column focused on the low inventory’s affect on prices. I also reviewed inventory for the last five springs and found only one year that Boston condo inventory was even 10% higher on June 1 than it was on April 1. My response to that critical piece of trivia: “Uh,oh”
Check out Banker and Tradesman, the paper of record for Boston real estate. Unfortunately it’s a membership only publication, but if you email me, I will send you the article.