With 2018 Q4 numbers in and a few months of 2019 under way we are feeling optimistic for both Buyers and Sellers alike as the Spring Market ramps up. Our complete Q4 Boston Market Report showed several interesting trends and you can download the full report here, but this month we wanted to take a closer look at inventory.
INVENTORY: The tail end of 2018 saw an overall 2% increase in inventory levels. In the downtown Boston neighborhoods this is attributable to new construction luxury developments such as EchelonSeaport whereas in Somerville new construction developments contributed to the increase but were further bolstered by the continued conversion of multi-families into condos.
PHIL’S TAKE FOR SELLERS: While increased inventory can mean more competition, in the slower season (Nov through Jan) this can also work to your benefit as buyers who are just getting started can begin to better gauge their options and feel more informed in making a decision to write an offer rather than wait for the spring.
SARAH’S TAKE FOR BUYERS: Increased inventory can mean three important things for buyers: more time, less pressure, and a better price. That being said, it is important to note that inventory levels aren’t rising across the board. It is crucially important to understand the unique market dynamics not only of the neighborhood you are searching within but the price point you are aiming for as well.