Lack of Inventory By Neighborhood

David Bates / February 6, 2013-4:05 pm

Boston, can you spare a reasonably priced condominium?

I don’t think so.

The Hub inventory of on-market listings priced $200K to $500K is about 1/3rd of what it was a year ago. In some of the better neighborhoods, there is even less comparative inventory.

Check out the graphs I did by Boston neighborhood of today’s on-market listings priced between $200K and $500K versus the recent past.

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That’s right! On February 6, 2011, Beacon Hill had 25 listings priced $200K – $500K. Today, it has just one.

The Waterfront is also down to just one available condominium priced $200K-$500K. On the same date two years ago, 19 Waterfront listings were available in this price range.

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In 2010, Back Bay had nearly six times the listings it has on today.

Ditto Fenway, a locale which currently has four such listings on and which had 23 on-market on February 6, 2010.

JP (5.35x) and Somerville (5.375x) fair slightly better than the Back Bay and Fenway, but Cambridge (6.6x) and the South End (6.75x)  had almost seven times as many reasonably priced condos on this day in 2010.

If you’re looking at a column graph of Brookline’s inventory, you better break out the glasses to see the 2013 inventory in this price range, a column which is about 1/9th the size of 2010’s column.

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And if you thought South Boston would be a haven for reasonably priced condominiums, think again.

Southie doesn’t rule reasonably priced condominiums anymore. For every condo it has on today in this price range, it had five a year ago, and ten in 2010.

Sure, lack of inventory might be par for the course Boston’s hottest neighborhood, but when considering the Hub’s inventory crisis please note that even mundane Brighton started the day with only six condos priced $200K- $500K, less than one-thirteenth of what it had this day in 2010. LOL.

 

{Note: Data was compiled by a BatesRealEstateReport analysis of MLS PIN information for the relevant dates that compared current available inventory (on-market inventory without active status flags) versus only the on-market inventory of the past. Some may deem this a bit unfair, as it is an apples-to-bananas comparison rather than apples-to-apples, but there is no way I know of to compile the past “on-market inventory without active status flags.” Nonetheless, the point is THERE ARE NO REASONABLY PRICED  CONDOMINIUMS AVAILABLE, and if I were to include inventory with active status flags it would give buyers the perception that there are more condos on the market avilable to buy than there actually are. )}