New condos everywhere, oh my!

New condos everywhere, oh my!

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, 

 

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