North Shore housing inventory gently rising
Spring and early summer see the greatest number of both listings and sales and the supply numbers at the beginning of June are a pretty good indicator of the current market.
The quick summary is that supply is gently rising, but not enough to change the balance of power which remains firmly with sellers, although as my next post shows this does vary according to the price bracket.
Bear in mind when looking at these numbers that conventional wisdom is that a market is in balance between buyers and sellers when there is 6 months of supply (e.g. if houses were selling at an average of 10 per month, 6 months’ supply would mean there were 60 available).
Overall for the 17 North Shore cities and towns I track, supply of Single Family Homes (SFHs) over the last 3 months has gone from 3.0 months in April to 3.6 in May and now 3.9 in June.
Similarly, the supply of condos has increased from 3.8 months in April to 4.4 in May and now to 4.7 in June.
The numbers for individual cities and towns are shown below: