The gap between sales and construction reached a record high in 2020, which likely means a slowing down in sales and growth in construction in 2021, according to a year-end report by the National Association of Home Builders.
“Nothing sells like a shortage. We have underbuilt new housing relative to demand for a decade. Building will have to exceed household formation for a number of years to reduce the housing stock ‘debt’ we have accumulated.” — First American Deputy Chief Economist Odeta Kushi
The group announced a series of new developments in the works in Cambridge and Somerville and several that are already on the market
Luxury apartment community, Caldwell, a 10-story mid-rise at 34 Munroe Street, in Lynn, is now accepting residents on its second, third and fourth floors and pre-leasing its upper floors.
Amenities at The Cove include a pet grooming station, fitness room, media lounge, socially distant work-from-home areas and a resort-style pool.
Tilia will include 30 condos ranging from 750-1,900 square feet with 1-2 bedrooms for the single level homes and 3 bedrooms for the duplexes.
See how Boston compares to other cities when it comes to apartment conversions.
The 80 available units in Millstone Village range from the $379,000 to $625,000 and will include single, duplex and triplex-style homes.
Construction of the Parkway Apartments was halted for two months due to COVID-19 and restarted in mid-May.
Small metro suburbs did the best in terms of construction with a more than 10% increase in market share over a year ago.