Massachusetts Home Buyer Guide

Inventory. 

It's the word being thrown around quite a bit whenever anyone in the Boston area is talking about or writing about the real estate market. It's usually coupled with words like "tight," "scarce" and "low." It's the reason for the many multiple-offer situations and rising home prices over the last two years.

So everyone seems to get the message. There aren't a lot of homes to purchase in and around Boston, but how does the inventory situation compare to the past? How much has real estate inventory actually declined over the last few years? 

The following data come from the MLS Property Information Network. It compares inventory on May 15, 2011 to May 15, 2015 in several cities. The research was conducted between 7 am and 8 am on May 15, 2015. 

Cambridge, MA Condominiums

On May 15, 2011 there were 276 condo units available in Cambridge; however, condominium inventory declined to only 47 condos on the market. In 2011 the average number of days those 276 condos were on the market was 96, but on May 15, 2015 the average number of days those condominiums have been on the market was only 15 days. The tight (there's that word) inventory situation has led to higher prices. The average list price of the 276 condos in 2011 were $488,995. On May 15, 2015 the average price was $899,951. Fourteen of the 47 available units were listed for more than $1 million. 

Weymouth, MA Single-family Homes

There were 176 single-family homes for sale in Weymouth on May 15, 2011, nearly 100 more than the 77 homes available on May 15, 2015. The average list price in 2011 was $329,346 and $400,134 in 2015. The average number of days on the market were about the same, 86 days for the listings in in 2011 and 89 in 2015.

Watertown, MA Condominiums

There were 75 condominiums available in Watertown on May 15, 2011, but only 21 condo units on the same date in 2015. The average number of days on the market for listings on May 15th declined from 115 days in 2011 to just 21 days in 2015. The average list price on May 15, 2011 was $354,248 and $556,057 on May 15 2015. 

Newton, MA Single-family Homes

Newton had 210 single-family houses on the market on May 15, 2011 and 149 homes available on the same date in 2015. The average number of days on the market for those available homes was 59 days on May 15, 2015, down from 95 days on May 15, 2011. The average list price has skyrocketed in Newton. The average list price was $1,268,413 in 2011 and $1,803,517 on May 15, 2015. 

Melrose, MA Single-family Homes

Home buyers had 81 single-family homes to choose from on May 15, 2011, but fast forward to May 15, 2015 and the selection included only 25 homes in Melrose. The average number of days those 81 homes were on the market was 115 in 2011, and 42 days on May 15, 2015.  The average list price on May 11, 2011 was $485,888 and $660,327 on May 15, 2015. 

Jamaica Plain, MA Condominiums

Boston's Jamaica Plain neighborhood had 153 condo units available on May 15, 2011, but that healthy selection of real estate inventory declined to just 39 available condominiums on May 15, 2015. Those 2011 condo listings were on the market for an average of 81 days, but the 39 condos listed on May 15, 2015 were on the market for an average of 41 days. The average list price for the 153 condos was $352,856 and $609,261 for the 39 units available four years later on May 15, 2015. 

Milton, MA Single-family Homes

Milton home buyers had 122 single-family houses to pick from on May 15, 2011, but only 52 homes to choose from on the same date in 2015. The average list price on May 15, 2011 was $794,468 and exactly four years later the average list price was $902,111. Those 2011 listings averaged 130 days on the market and the 52 listings on May 15, 2015 were still on the market an average of 100 days.