It’s been a transitional year in real estate for Brookline, just like the rest of the country. While most of the United States is finally showing signs of a strong revival in the housing market, Brookline is way ahead as usual. Brookline’s condo market is showing signs of inventory revival, after a couple years of sparse sales and double digit price hikes.
As of the end of July, there have been 340 condos sold in Brookline, well ahead of this time last year and slightly ahead of 2013. Notice, though, it still falls short of the peak from a decade ago, about 35% fewer sales in 2015 than 2005 or 2002.
Why is the number of sales important? Looking at the number of sales will show us that more buyers are finally buying a home. This chart shows us where we are in a cycle of sales, usually leading the price cycle. The trough is behind us.
None of this means buyer experience has changed much in 2015 than in previous years. More condos sold so far this year, but there are more buyers entering the market as well. The pressure on buyers is caused by both the inventory available and the number of buyers. Anecdotal evidence will tell a story of a tough seller’s market, with multiple offers as commonplace.