Boston Real Estate: Inventory & days on market and of course sales
Boston Condos for Sale
Boston Real Estate: Inventory & days on market and of course sales
It’s common that when the residential resale market feels slower, the participants shrug it off by saying, “It just takes longer to sell these days.” It is a too-quick opinion that masks the real problem, which is:
It’s taking longer for sellers to admit how wrong their price is.
Because the days-on-market is publicly displayed, the buyers are watching it closely as an indicator. What’s worse is that they think the longer a home is on the market, the more wrong the price is!
Consider the graph above, which tracks discounts back to the old days when the DOM counts weren’t as available as they are today. Today, I think those timelines are 2x as fast – or faster!
Today, if a house hasn’t sold in the first two weeks, buyers start thinking the price is wrong.
Conversely, if buyers think the price is decent, they buy the home without waiting.
Peace be with you
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Where is Ford Realty Located?
Ford Realty is located at 137 Charles Street in Beacon Hill
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Boston Real Estate: Inventory & days on market and of course sales
Last week, I said this:
The number of active listings should keep dropping as the year winds down – we have probably seen the 2020 market peak for number of active listings. But we could see the pending’s count stay in this range for a few more weeks.
Whoops, the number of active listings has gone up! The MLS
Is the Frenzy of 2021 starting to build? Additional inventory can cause the sales momentum to speed up.
Admittedly, I’m looking for it.
But everywhere I go, boomers are talking about selling their house and leaving the downtown Boston real estate market/ Contractors are booked solid for weeks. Good dishwashers and refrigerators are back-ordered for 4-6 months.
Back in April, I thought October should be flat – and it starts on Thursday! October inventory and sales should be a great indicator of what we can expect in 2021!
