2018 Boston condo market is starting with condominium values are up, Boston condo sales in prime Boston areas were up in 2107, and distressed sales (foreclosures and short sales) have fallen to their lowest points in many years. It seems that the market will continue to strengthen throughout 2018.

However, there is one problem that may have a huge impact on the Boston condo market and that’s the lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors

“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”

Joseph Kirchner, Senior Economist for Realtor.com

“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relieve the shortage of homes on the market.”

Sam Khater, Deputy Chief Economist at CoreLogic

Inventory is tighter than it appears. It’s much lower for entry-level buyers.”

 

If you are thinking of selling your Boston condo, now may be the time. Demand for your Boston condos will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

For more information please call John Ford at 617-720-5454

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