Boston Condos for Sale 2021
Loading...
Boston condo demand outpacing supply
We have 12 million less homes for sale right now than we did 15 years ago and builders can’t even keep up with organic demand much less do anything about the back-fill) so now we tackle the demand. This graph shows you everything you need to see why I’ve been saying expect AT LEAST 3-4 more years of price appreciation with real estate. This is a macro-secular trend and no one small thing, even interest rates, can stop it.
With that said,
Most forecasts call for home price appreciation to moderate in 2022.
The Home Price Expectation Survey, a survey of over 100 economists, investment strategists, and housing market analysts, calls for a 5.12% appreciation level next year. Here are the 2022 home appreciation forecasts from the four other major entities:
- The National Association of Realtors (NAR): 4.4%
- The Mortgage Bankers Association (MBA): 8.4%
- Fannie Mae: 5.1%
- Freddie Mac: 5.3%
Price appreciation is expected to slow in 2022 when compared to the record highs of 2021. However, it is still expected to be greater than the annual average of 4.1% over the last 25 years.
Boston Condos for Sale 2021
Loading...
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Boston condo prices continue to post solid gains.
The price of any item is determined by the supply of that item, as well as market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
Buyer Demand
The map below was created after asking the question: “How would you rate buyer traffic in your area?”
Boston condos for sale
The darker the blue, the stronger the demand for homes in that area. Only four states had a ‘stable’ demand level.
Seller Supply
The index also asked: “How would you rate seller traffic in your area?”
As you can see from the map below, 25 states reported ‘weak’ seller traffic, 21 states reported ‘stable’ seller traffic, 3 states and Washington D.C. reported ‘strong’ seller traffic, and only 1 state reported ‘very strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.
Boston condos for sale
Bottom Line
Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in the market now!
Contact me to set up an appointment to start your Boston condo buying process.
Back to homepage Boston condos
SEARCH BOSTON CONDOS FOR SALE AND RENT
For more information please contact one of our on-call agents at 617-595-3712.
