Boston Condos for Sale and Apartments for Rent
How does one make sense of all the Boston condo data?
There was a lot of news about the housing market over the weekend. Most of it didn’t make sense. Does it matter if home sales were up or down from last June? Yes and no. Home sales are usually higher in June than in July here in the Boston condo for sale market,
Here’s what you need to know about the Boston condo market
The long and short of it, when mortgage interest rates rise it will slow the Boston condo sales a bit. The housing market is always impacted by interest rates and by the local Boston economy. For right now I think it is especially important to look at more than a months worth of data. There is value in comparing Boston real estate sales month to month or year over year but the numbers don’t tell the whole story. You must also think about Boston condo inventory, days-on-market (DOM), how much equity a seller has, and how motivated are the sellers.
I’ve seen Boston Beacon Hill condo sellers just pull their condos off the market because they were unable to even break even if they lowered the asking price. Add that to the fact they could rent the unit and more than cover their mortgage payment and just want for another day.
