Welcome to another exciting year for the Boston condo market. If you’re reading this, there’s a good chance you’re interested in buying or selling a Boston condo. So it’s important that you understand what to expect in 2018.
In 2017, we experienced the return of extreme multiple-offer situations, consistently low inventory and more cash condo buyers. New Boston condo construction began blanketing the city and many new developments are in the pipeline.
So what’s on tap for the new year?
Here are my thoughts:
1. We’ll be seeing a more balanced market. In 2017 was a hot market for the Boston Proper area, especially in the Seaport District and South Boston. Many South Boston sellers were flabbergasted at the prices they were being offered for their three deckers. But with the holidays cooling things down and buyers gaining some perspective, I’m predicting will have fewer over asking asking price offers in 2018. With many experts seeing higher mortgage rates coming are way, and more supply created by new construction will keep things even.
2. Boston Condo Inventory will hit the market in February. “After the Super Bowl” has traditionally been the time frame that has ushered in new Boston condo inventory. I predict that February 2018 will be no different. I’m already seeing Boston condos that were off the market for the holidays being promoted again. My Boston real estate agents are holding new listings back until after the 2018 Super Bowl. (Go Pats!)
3. Boston condo values will experience modest increases. Boston condo demand continue, especially in popular, central neighborhoods near public transportation, retail areas and services. this would include my neighborhood Beacon Hill but also Back Bay, Seaport/Waterfront and Downtown/Midtown. I see appreciation in the 3-6% range.
4. Competition will still be fierce among buyers. There will be multiple offers on low end Boston condos (under $500,000). A whole new crop of buyers will be entering the market this year, and there are only so many properties available in the low range. I’ve already met with half a dozen prospective buyers in late 2017 who are ready to get going, and I’m sure my experience as a Realtor isn’t isolated.
5. The luxury market will make a strong showing. Not only will the low end Boston condo market be active, but so will the Boston luxury condo market. Boston still attracts local and foreign luxury buyers, and will continue doing so in 2018.
6. Cash sales will continue in notable volume. Foreign investors and the tech sector will again drive cash sales in 2018.
7. New construction condos in Boston neighborhoods will cost you well above $1,000/sq foot. Several condo developments with prices averaging $1,200/sq foot or more. don’t be surprised to see more $1,500 per sq ft as the new norm for newly developed projects.
Boston condos for sale:
Back to Boston condos for sale homepage
Contact me to find out more about this property or to set up an appointment to see it.
SEARCH FOR BOSTON CONDOS FOR SALE
- Back Bay condos
- Beacon Hill condos for sale
- Charlestown condos for sale
- Charlestown Navy Yard condos for sale
- Dorchester condos for sle
- Dorchester Heights condos for sale
- Fenway Boston condos for sale
- Jamaica Plain condos for sale
- Leather District condos for sale
- Midtown condos for sale
- Seaport District condos for sale
- South Boston condos for sale
- South End condos for sale
- Waterfront condos for sale
- Boston Downtown condos for sale
- Downtown condos for sale
For more information please contact one of our on-call agents at 617-595-3712.
Updated: January 2018