Boston Downtown Condo Sales Inventory (Spring Market)
Boston Condos for Sale 2024
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Boston Downtown Condo Sales Inventory (Spring Market)
2025 could be the last year of inventory shortage
If current trends continue, the Boston condo for sale inventory shortage could be effectively gone by next spring
There are obviously fewer Boston condo for sale buyers who can afford these prices.
One reason that home prices have stayed elevated is that inventory nationally is still restricted. On the supply-demand equation, demand is way down, but supply is still surprisingly low in much of the country, as well.
If there are too few homes for sale, they don’t have to be affordable to everyone, they only have to be affordable to a few people.
But if current trends continue, the inventory shortage will be effectively gone by next spring. Does that mean that home prices will fall? It might.
In fact, while home prices are higher than a year ago, inventory has increased at the rate price appreciation has decreased. As more supply becomes available, these homes have to be affordable to more people. I’ve called this a compression in home prices. The 50-year average for annual home price appreciation in the U.S. is more like 5% per year. This year it’s 2%.
When inventory finally builds back to the old, normal levels, that result could go to zero or even negative.
Mortgage rates are a big variable here. In 2024, we saw a notable increase in buyer demand when mortgage rates got close to 6%. At that time in the fourth quarter, home sales picked up and home prices did too.
Happy Spring!
Peace be with you
Boston Condos for Sale and the Bottom Line
Six percent is the threshold I’m watching again this year. If we spend any amount of the year at or near 6%, I expect that the inventory, sales and price trends will reverse.
Boston Downtown Condo Sales Inventory (Spring Market)
You may have noticed an uptick in new Boston condo for sale listings over the past couple weeks. Spring has officially arrived, bringing with it a crop of new Boston condo buyers and sellers who are ready to do jump into the Boston condo for sale market.
I’ve been selling real estate in the city for more than 20 years, and the same thing happens every year: Homeowners rush to put their homes on the market to capitalize on the April-May-June sales sweet spot, and new buyers wade into the market.
Why does this happen annually? For one thing, home buyers finish their taxes and get on solid financial ground. It’s also a lot more fun to look at houses in nice weather. Home sellers get themselves sorted out after spending the winter getting details in order.
Happy Spring!
Peace be with you
Boston Downtown Condo Sales Inventory (Spring Market)
Sometimes when I meet with home sellers they tell me about the Boston condo for sale market. Their information is often based on national news. Reporting has gotten better but it usually lags by weeks or months.
All real estate markets are local. It is good to know what is going on in the housing market which is higher interest rates and fewer people interested in putting their condos on the market. That is a national trend caused by the Federal Reserve raising interest rates.
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Home prices
Home prices are falling in some parts of the country while in other parts of the country, they are rising. Falling prices tend to make the news more often than rising prices do.
Boston condo offers
The continued strong demand for housing in the Boston condo market has led to modest price increases. Multiple offers on homes for sale are not as common as previous spring markets.
Yes, we have a strong spring home buying and selling season in downtown Boston In order to know if right now is the best time to sell a house in 2023 I would have to be able to see the future.
Boston condos for sale and the bottom line
Generally speaking, spring is usually a better time to sell a Boston condo but they are bought and sold every month of the year.
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Boston Downtown Condo Sales Inventor (Spring Market)
Back Bay condo sales inventory – 124
Beacon Hill condo sales inventory – 45
Boston Leather District Condo Sales Inventory – 7
Boston Midtown Condo Sales Inventory – 68
Boston North End Condo Sales Inventory – 16
Boston Seaport Condo Sales Inventory – 58
Boston Seaport Condo Sales Inventory – 137
Boston Waterfront Condo Sales Inventory – 52
