Boston condos that sold over asking price

One of the most common questions I receive from Boston condo buyers is: “how much over the list price do I have to offer?” My answer is: “it depends”. Some Boston condos sell for less than the asking price but on average most sell within 97% of asking price/

How a Boston condo is priced and what price range it is in matters. I prefer to work in percentages for that reason.

When a Boston condominium comes on the market also matters such as time of the year, Boston condos listed for sale in the spring season may receive many offers on the first day and almost always sell for more than the asking price. Offering 5% more than the asking price might be enough unless someone else offers more. It is a guessing game at this point.

If a Boston condo for sale has been on the market for more than two weeks it might be overpriced. A buyer could offer less than the asking price and have a winning offer. If a Boston condo is for sale for over a month it will most likely sell for less than the asking price or the price will be reduced.

Waiting for a Boston condo price reduction after the price is reduced the home may get multiple offers. Waiting for the open house is also a mistake. Both are mistakes that most homebuyers will make a few times before they succeed.

One of the advantages of working with an experienced Realtor is getting help making an offer that makes sense. There are more Boston condo buyers than there are homes for sale. Buyers will be competing with many other buyers including corporations that pay cash.

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Boston Condos for Sale or Rent 2021

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Boston condos that sold over asking price

In what’s been a historic, frantic market, homes selling for large sums over list prices have risen sharply since January. In the second quarter, it grew even higher.

According to a new report from Zillow, 1,670 homes nationally sold for $500,000 or more over list price in the second quarter of 2021, three times more than they did in the first quarter. Homes selling for $1 million over list price doubled over the previous quarter, and the share of homes sold for 30% or more over list price rose to 1.4% in the second quarter, compared to 0.9% in the first three months of the year. 

Boston was no exception.

In the second quarter, three homes in the Boston market sold for $1 million or more over their initial list prices, compared to two in the first quarter. Twenty-one homes sold for $500,000 or more over list price, compared to 10 in the first three months of the year and 13 in the second quarter of 2019. Just 1% of homes sold for 30% or more above list price, compared to 0.7% in the first quarter. 

The report cites downward-trending interest rates as a major demand driver, giving homebuyers more buying power, as well as record-high home appreciation and an increase in remote-work options. 

Boston Condos for Sale 2021

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Boston condos that sold over the asking price

More and more homebuyers are paying above the asking price in America’s largest metros (yes, including the downtown Boston condo market)

Strong demand and low supply means buyers are forking over up to hundreds of thousands of dollars above asking price to close deals, according to Inman, citing

Prices were highest in Oakland, where the typical home sold for nearly 11 percent over the listing in the first half of this year. Just over 5,200 homes sold for at least $100,000 above asking during that period, compared to just 777 in the first half of 2020. Pandemic lockdowns last spring jammed the brakes on homebuying, which led to bigger discounts on homes that remained on the market.

Austin, Texas; Denver, San Francisco, San Jose and Seattle all saw pricing of 5 to 9 percent above asking in the first six months of the year. Premiums were more modest last year in San Francisco, San Jose, and Seattle; it was more common for homes to sell below asking in Austin and Denver.

Austin has seen an influx of people working in tech sectors over the last couple of years, which has contributed to rising home prices.

“I’ve never seen anything like this housing market,” Redfin agent Scott Petrich said. He added that “most of these people have the money to compete with other buyers and drive up prices.”

[Inman] — Dennis Lynch 

Boston Condos for Sale 2022

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Boston condos that sold over the asking price

Here’s the big question. Who will be applauding when the curtain comes down in 2022? Boston condo buyers or Boston condo sellers?

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Updated: Spring 2022