PT Vineburgh, founding partner at Charlesgate Realty, was recently featured on CNBC discussing his thoughts on the current state of the market in Boston. As featured in our monthly market reports, the market was up almost 9% from a year ago with prices elevated in most neighborhoods. Average home prices drove over $400,000, a more than 5% increase from a year ago.

PT works with buyers and sellers each day around Boston and is one of the proven sales leaders in the market. With a shortage of inventory throughout the city, the market has become increasingly competitive for buyers. As PT was quoted in the article, “They say a balanced market has six months of inventory and as of Q2 stats, we have six weeks of inventory. It’s a highly competitive climate.”

Developments like Millennium Tower and other luxury buildings help bring more inventory to the market, but inventory remains scarce. Since many of Boston’s neighborhoods are historic and dense, it is difficult to bring on a substantial amount of new inventory. As PT explains to CNBC, “Many times in historic and protected neighborhoods like Back Bay, there’s only so much you can do from a physical standpoint whether it’s height or aesthetics, density, whatever, it’s very difficult to bring on any meaningful number of new housing units to start to catch up with the demand,” said Vineburgh.

Are you a buyer looking to find the best way to navigate the Boston real estate market? Agents like PT help buyers in our regular home buyer class, along with a mortgage professional (and free food and beverages!) It is a great place to start and completely free. Get more info about the next class.

If you are looking to sell, the time has never been better – with prices at an all time high. Learn how Charlesgate takes real estate marketing to the next level with lead generating property websites, ad word campaigns, and more.