Boston Poised for Housing Recovery?

Data from Multiple Listing Services Network PIN shows inventory of single-family homes and condominiums in the Boston area are down 17 percent from last year, number of days on the market declined 12 percent from last year, and median prices are up ten percent. BostonHerald tells no major downtown condos have been built since 2007 for lack of funding. MIT Center for Real Estate lecturer and vice-president at Colliers International, Yanni Tsipis,  says, “In the downtown market, as existing inventory of newer construction burns off, it appears likely that there will be a build-up of demand for new production and upward pressure on pricing.” A similar trend is reflected in neighboring cities. Housing inventory at Cambridge is at an all-time low, 126 housing units, down 43 percent from last year, with a four percent decline in days on the market. The housing inventory in Arlington dropped 21 percent from last year, and days on the market fell 33 percent. Quincy’s numbers are not as good but still positive: Inventory fell six percent and days on the market dropped four percent.

(Photo credit: Wikipedia/Boston Custom House)

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