Every 15 minutes I receive an alert of new listings from MLS in a few of my choice neighborhoods, Brookline being on of them. I set the alert for every 15 minutes a couple years ago, when I didn’t expect to see an update more than once or twice a day. Now these alerts have become disruptive, annoying really. But a part of the market still seems underrepresented in the alerts: Brookline condos.
For the last couple of years the real estate story in Brookline and Boston has been about inventory. “There is nothing on market….nothing!” was a common exclamation at my William Raveis office in Chestnut Hill. Is the story about to change? With prices up, you would expect a lot more inventory to come on market.
Inventory has increased in the single family market, but still lacking in the condo market. Today there are the same number of condos on market there were in the sleepy month of November.
Year to date the average days on market has been 38, which includes the ultra luxury condos which take months. To compare, average time on market for Brookline condos in 2009 was 79 days. Double.
The chart below (courtesy of Raveis.com) shows how quickly condos are sold. The top part in blue represents the new listings coming on market, the bottom shows the properties which are pending, (accepted an offer). The bottom is almost a perfect reflection of the top. In other words, new inventory is quickly absorbed.
This market segment is still short from the tipping point where buyers and sellers are even handed. For this you need a lot more condos on market, or many buyers who look elsewhere.
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