“Months of supply” in real estate is the closest thing we have to a forecasting tool. The months of supply measures how long it would take to sell the current number of homes on the market. Low inventory, means demand exceeds supply, hence rising prices are a logical expectations. Anything under a three months supply is considered low inventory and a seller’s market.
Brookline’s condo market is extremely tight! There are 72 condos on market, which is just over 1 month of supply. I’ve included a chart breaking down months of supply by price range for Brookline condos. You’ll find the $300,000-$400,000 range with low inventory, with about two to three weeks supply. The $500,000-$700,000 price range has only at about two weeks supply.
The slowest Brookline condo segment is in the luxury $1,000,000+ market. But it is still robust!
Next, single family homes. There are 70 houses on the market in Brookline, which is 3.6 months of supply. Brookline’s house market is a seller’s market, not as strong as the condo market, though. In most price ranges, inventory is between 2-3 months of supply, with few exceptions. The popular $800,000-900,000 price range has only a three week supply of homes. Buyers in this pricing category are having a tough time finding a home that delights.
Brookline’s luxury house market is a different story. Six months supply of homes priced $4,000,000-$5,000,000, and 21 months supply of homes priced $5,000,000+. This market has different standards, thought, and a house in this category is expected to take longer to sell.
The statisticians among you will tell me there are all sorts of issues with the measurements, but it is the best way we have to look at the current inventory of homes and get a sense of where we stand. For me, anecdotes are great, just not enough.