The Boston luxury condo market was strong in the fourth quarter, but the single-famoly market showed signs of softening.
A look at sales data from the past quarter is a great indicator of how the 2018 Spring market will do. Here’s how 2018 is stacking up so far:
Boston condo: Buyers embrace overbidding
As stated in one of my earlier posts, 40% offers submitted were over asking citywide and all indications it will continue into 2018.
This extreme overbidding happened most frequently on Boston condos under $500,000 and those listed $1,000,000 and above, in neighborhoods like Back Bay, Beacon Hill and Downtown/Midtown.
Boston luxury condos listed for under $2,000,000 often saw extreme overbids in high rise buildings
Fixers were also magnets for overbidders.
Condos: Longer days on market
Days on market—the period of time it takes for a property to go into contract from the date it’s listed—increased year-over-year from 30 days (4th Q 2016) to 56.75 days (4th Q 2017).
Contact me to set up an appointment to start your Boston condo buying process.
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Updated: January 2018
