Boston Condos for Sale and Rent
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Compared to some parts of the country our inventory is at a much slower pace at only 6.7% year-over-year.
Boston condos for sale: How low inventory impacts Boston condo prices
Median sale prices set new records in February even as sales declined, according to a new Warren Group report.
The median sale price of both single-family homes and condos in Massachusetts trended higher last month, even as sales declined.
The statewide median single-family home price grew 6% to $498,369, up from $470,000 last year, marking a new all-time high for February. That’s a big jump from January when the median single-family home price only grew 0.8%.
The Warren Group’s February sales report found that Massachusetts single-family home sales fell 21.5% to 2,040 from 2,600 a year ago.
Cassidy Norton, The Warren Group associate publisher and media relations director, said despite the record-setting month for median single-family home prices, the 6% gain was much more moderate compared to what they’ve seen over the past couple of years.
“A lack of inventory, higher interest rates and economic uncertainties continue to be the biggest barriers to entry for prospective homebuyers,” Norton said. “Speaking of the economy, the most recent bank failures may shake consumer confidence in the coming months, which could yield even further declines in transactions not associated with a lack of inventory.”
Since January, 4,425 homes sold, down 27.8% from the first two months of 2022. During the same period, the year-to-date median single-family home price rose 2.9% to $499,000.
Meanwhile, the median condominium sale price increased 4.5% to $460,000. Yet, condo sales posted another decline last month, falling 25.5% from last year to 1,018.
“Condo trends were in lockstep with single-family homes in February,” Norton said. “Inventory is down, there aren’t enough new listings to keep up with demand, and the median condo price continues to climb – just at a more modest pace.”
So far this year, 2,196 condos sold across the state, down 26.8% from 2022, with a median sale price that’s up 6.8% to $469,950.
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Boston condos for sale: How low inventory impacts Boston condo prices
As we enter into the summer months, one thing remains the same from the spring market and that is low Boston condo inventory. As new listings come on the market, and they will, those searching for a new Boston condo to buy will want to react fairly quickly as there are more buyers than there are condos for sale, especially under %500,000. If you are looking to sell, not a bad time to push price a little, not much, but can’t hurt to push it a bit. Last Sunday I went to an open house the listing was a beautiful upper floor unit with sweeping views of the Boston skyline Stand at the windows in your living room and you feel like you are on top of the Boston skyline As I viewed the condo, my first thought was that I wish I had a client with me as I felt it might be under priced. I’m sure by the time you read this Boston Real Estate Blog post the unit has several strong offers.
If you are looking to sell your Boston condominium in the near future, be aware of current inventory levels this is so important. While comps will give you a good starting point, placing your Boston condo in a side by side comparison with every condo in the price range is more important. Right now, for example, there are only 17 Boston condos in downtown priced in the $500,000 and below range. Does this strategy of pushing the price work? You bet it does! You may have to also sell the appraiser on your pricing, but a good agent should be able to justify his pricing.
Conclusion:
Low Boston inventory has a big impact on Boston condo pricing, regardless of what the comps say.
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