Back Bay Blogger

A careful study of Otis & Ahearn’s Mid Year 2007 Downtown Boston housing market analysis through July 13, 2007 clearly demonstrates that the lack of inventory this year and the continued buyer demand has kept our local market very stable over the last year.
Compared with many other regions of the country where a glut of inventory has caused prices to go down, we have seen a reduction in the inventory from prior years and we remain with less than 4 months supply. As Kevin Ahearn notes, this is a very different inventory / supply dynamic than other national housing markets at 10, 12 or more month’s supply and it is one of the reasons for the continued upward pressure on pricing.
Year to date figures show an increase over 2006 in the total number of 1 million dollar plus sales along with an increase in both the average and median home prices. The high end, luxury market has never been stronger in Boston.

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