Boston Condo market: According to data obtained by LINK (the Boston real estate database) housing inventory increased by 69% from last year. The start of the second quarter looks like this for the week ending April 22, 2006:
Number of new listings: 246
Number of price changes: 233
Number of properties back on the market: 23
Number of properties off the market: 51
Number of properties under agreement: 99
Number of properties sold: 24
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Total Housing inventory for Metro Boston area: 3,366
Round-up of the March 2006 sales activity for Ma.
Activity in the states detached single-family home market rose for the first time in six months with an increase of 2 percent from 3,373 homes sold in March 2005 and 3,440 sold last March.
Many experts contribute the increase in sales due to milder then normal winter New England weather and the threat of an increase in interest rates.
Condo sale continue to fluctuate, with the statewide selling price increasing 2.2 percent from last year at this time. This is the 87th consecutive month that selling prices have risen dating back to December 1998. The median price of $270,900 is down 5.9% from the record high median selling price of $287,900 set in July 2005.
Predictions of bubble babble and steep price declines have proven to be unfounded thus far. However, inventory in the number you need to watch as it is approaching a record breaking number not only in Boston but throughout the state.