“Local housing market, packed with eager buyers, is desperately seeking home sellers”

If you have been reading my articles in the last couple of months it will come as no surprise to read today’s front page article in the Boston Globe about the severe shortage of homes for sale. While this article is written about Boston it applies just as much to our North Shore communities.

The message is clear: if you have been waiting to sell, wait no longer! And if you have been thinking of buying or trading up, wait no longer!

Over the last month, inventory on the North Shore as measured by the months of supply has actually increased, although that is largely for seasonal reasons. Because I use sales for the Last Three Months (L3M), we have just lost November – when sales are usually strong – and replaced it with February – when sales are usually light.

This table shows the details for the North Shore overall:

North Shore_Inv_Feb_Mar

And here is the breakdown by community for SFHs:

NS_Inventory_SFH_Mar_1

and for condos:
North Shore_Inventory_Condos_Mar_1

As a reminder:
UAG = Under Agreement, meaning a P&S has been signed
SBU = Subject to Backup, meaning an offer has been accepted but that the property is still being shown

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