The inventory of single-family homes as of January 31, 2011 increased 4 percent from January 2010 (22,707 listings in 2010 to 23,594 listings in 2011), the Massachusetts Association of REALTORS® reported February 22, 2011.
The number of single-family homes on the market translates into 11 months of supply in January 2011. Supply is down from 12 months of supply in Janury 2010, but up from 7.6 months in December 2010. January was the 11th straight month of inventory gains, but the first single-digit increase after six straight months of double-digit percentage increases.
The inventory of condominiums on the market in January declined 5 percent compared to the year before (9,386 listings in 2010 to 8,945 listings in 2011). The January condo inventory translates into 11.1 months of supply, which is the same as January 2010, but up from 7.3 months in December 2010.
An inventory of between seven and eight months typically is considered a balanced market. The above inventory numbers reveal a buyer's market may be upon us in the spring.