The tension was palpable in the Boston condo market over the summer. Inventory in many price segments was extremely tight. There were not many transactions taking place, because, quite frankly, there was nothing on the market to buy!
All of a sudden, now there is. The floodgates of the so called "Fall Market" are open. Just a couple of example of the increase in inventory from Labor Day:
| Town/Area | New Condos on Market |
Percentage Increase |
Back Bay |
||
| South End |
||
| Beacon Hill |
||
| Fenway | ||
| North End |
||
| Cambridge | ||
| Brookline | ||
So it seems that many sellers (probably based on their broker's advice) were holding their condos off market until after Labor Day when many more buyers traditionally enter the market as vacation season comes to an end.
The BIG question is: Is the market ready for the influx of new inventory?
The way I see it - it can go two ways:
1. There is too much invenetory coming on market to meet the true demand leading to longer market times,
2. Buyers are chomping at the bit for new inventory. They've been waiting and waiting for a combination of three things - good inventory, steady mortgage rates,