New projects replenish dwindling housing stock

It's no surprise that the inventory levels of residential real estate in Boston are down — way down.

According to the Multiple Listing Service (MLS), in an analysis of the Back Bay, Beacon Hill and South End neighborhoods, it's become extremely low.

Here's a look at the shrinking reality, for Sept. 4
over the past three years:

•    2011: 391 units

•    2012: 196 units

•    2013: 162 units

That's a drop of 141 percent!

So where will the new inventory come from going forward? The current Millennium Place building slated to open this fall is at approximately 75 percent capacity. Beyond that there are plenty of buildings in the works though all seem to be lease options for the moment. Could the developers of these buildings decide to change direction and offer units to purchase instead?

There are approximately 3,200 new leased apartments expecting to be delivered to market in the Boston metro area in 2013, which is more than doubled from 1,500 new supplies in 2012. Add to that an additional 8,000 units expected to be delivered in the next two to three years and you see why we become a bit speculative.

Here are a few of the larger options both hitting the market today and in the near future:

580 Washington St.
 265 units

Currently for sale. Approximately 75 percent capacity.

426 Washington St. 
500 units

Ground breaking Sept. 17

659 Washington St. 
381 units

Currently being leased.

45 Stuart St. 
404 units

Spring 2014

1 Herald St. 
475 units

Spring 2015

Pier 4 
369 units

Spring 2014

L West Square

320 D St. 
260 units

Fall 2013

The bottom line is that the Boston real estate market continues to exhibit strong growth supported by a steady improvement in the overall economic employment environment, a steady rise in new construction, a decrease in the overall vacancy rate and a strong rent growth.

Charlie Abrahams is a licensed real estate agent in Boston who works with buyers and sellers and 
can be reached for any 
additional information 
at Bostonrealestate
@charlieabrahams.com.

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