Boston real Estate on the Rise
Boston Prices rose in May.
However, nationally most major markets can cry the same tears. Lack of inventory.
Buyer demand is there but there are not enough units of supply to match demand.
“The May sales report released Wednesday by the National Association of Realtors shows a housing market unable to meet the demand from would-be buyers. Sales edged up 1.1 percent in May to a seasonally adjusted annual rate of 5.62 million, a decent gain amid a relatively stable job market with a robust 4.3 percent unemployment rate.
..There aren’t enough homes for sale. Sales listings supply have plummeted 8.4 percent over the past 12 months to 1.96 million. On an annual basis, the number of homes for sale has declined for the past 24 months. Homes are staying on the market for a median of just 27 days, the briefest period since the Realtors began tracking the measure in 2011.”
“The flood of new buildings come as prices in Boston continue to soar. The median price of a condo reached $913,500 in the third quarter of 2016, a 43 percent rise from the same period last year, according to data from real estate marketing firm LINK. A new price record was set for Boston last year after a private equity billionaire investor paid $35m for a penthouse condo.
The rising prices also underscore Boston’s rising interest from international buyers. The city ranked as the third top choice of foreign real estate investors after New York and Los Angeles, according to a survey by the Association of Foreign Investors in Real Estate.”