Boston Condos for Sale and Apartments for Rent
It’s a matter of pricing. And, supply and demand and. And, location. And, interest ratesn
In today’s housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.
Nationally, Demand Is High and Supply Is Very Low
The latest real estate buyer and seller activity data from the National Association of Realtors (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’s available to purchase.
What Does This Mean if You’re a Boston Condo Seller?
Boston condo for sale supply is struggling to keep pace with demand. In fact, the inventory of homes for sale recently hit an all-time low. That gives you an incredible advantage when you sell your house. With so few listings, it’s likely more potential buyers will view your house – especially if you work with an agent to price it right. That means there’s a high chance you’ll receive multiple offers or buyers will enter a bidding war for your house. And that dynamic can drive the sale price of your home up.
What Does This Mean if You’re a Boston Condo Buyer?
As a Boston condo for sale buyer with fewer options available, you’re likely to see more competition, so you need to be strategic to win. First, make sure you have a trusted professional on your side. Your real estate agent will help you understand your local market and work with you to act quickly when the time is right. Even when it’s challenging to find a home, you can still succeed as a buyer today if you have a trusted advisor on your side every step of the way.
Boston Condos and the Bottom Line
Whether you’re a homebuyer, seller, or both, knowledge truly is power. Let’s connect today so you can better understand what’s happening in our local market and achieve your homebuying and selling goals this year.
Apparently, some project developers are finding ready, willing, and able buyers, even in this slower market.
There may be fears of a fire sale in the oversaturated market for luxury condos in downtown Boston.
But when it comes to condos priced below $400,000, brokers and developers say they are seeing something that’s missing from the deluxe end of the market – sales.
While some developers ponder auctions to get rid of unsold units they once hoped to sell for $800,000 or more, brokers and builders with modestly priced units to offer say there just aren’t enough such condos to go around.
One telling statistic is time on market.
Units across the Boston area priced at $400,000 and below are selling, on average, in 78 days. Over $400,000 and you are talking about 100 days, said John Ford, who owns a downtown brokerage firm.
Meanwhile, sellers in this modestly priced end of the market are not necessarily having to sell at big markdowns, with units trading at more than 97 percent of market value, said Ford, citing statistics culled from a local real estate listing service.
Also mentioned prominently in the story is Mattapan’s new Olmsted Green development, a great property just breaking ground, which will bring new life to the site of the old Boston State Hospital.
Source: Cheap condos as hot items: Sellers avoiding real estate woes – By Scott Van Voorhis, The Boston Herald
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Updated: January 2018
