The inventory of residential properties on the market as of October 31, 2009 decreased 15 percent compared to October 31, 2008 (from 45,118 listings in 2008 to 38,311 listings in 2009), and the October single-family supply is at its lowest since October 2002, the Massachusetts Association of REALTORS® reported November 24, 2009.
At the current sales pace, current inventory represents approximately 7.2 months of supply, down from 9.9 months of supply in October 2008. On a month-to-month basis, supply is down from 8.3 months in September. It is considered a balanced market when there are between 7.5 and 8.5 months of supply.
The inventory of single-family homes decreased 15 percent from October 2008 (31,912 listings in 2008 to 27,204 listings in 2009), and that translates into 7.1 months of supply in October 2009. This is down from 10.2 months of supply last year and down from 8 months in September. October supply is at its lowest since October 2002. The October peak was 40,254 homes in 2006. This is the 19th straight month that single-family inventory has gone down compared to the year before.The condominium market saw October inventory decrease by 16 percent from last year (13,206 listings in 2008 to 11,107 listings in 2009), and that translates into 7.3 months of supply, which is down from 10.2 months in October 2008 and down from 8 months in September. It's the 19th straight month that condo inventory has gone down compared to the year before.
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