We’re in the heart of the summer, and that means many prospective Boston condo buyers are on vacation—and not house hunting—on their mind. For the first time in a while, there’s more inventory on the market and fewer Boston condo for sale buyers making offers. It’s actually an excellent time for serious Boston Back Bay condo buyers to wrap up their home search.
Of course, that doesn’t mean you won’t experience multiple-offer situations, especially on Boston condos for sale located in popular neighborhoods such as the Boston Seaport and Boston Beacon Hill. But it can mean that if you’re preapproved for your loan and in a position to quickly write a competitive offer, you stand a better chance of rising to the top.
I continue to hear about price reductions, missed offer dates and other “soft market” activity. If you’re in town and qualified to buy, seize the day and preempt the buyers who’ll be jumping into the busier Fall market.
It feels like the Boston Beacon Hill condo market is in the beginning stages of the deceleration stage, where fewer Boston Beacon Hill condos are worthy of a bidding war. Sellers and agents who insist on adding an extra 5% to 10% to their list price will need to be selling an exceptional property AND present it perfectly to generate offers.
The inferior homes/locations (the ones who really benefited during the peak frenzy) will be the ones that feel it the most. How many Boston Beacon Hill condo buyers are going to pay 1/2 million dollars for a small studio condo? The gap between the dogs and the creampuffs will widen.
Boston Beacon Hill Condo Open Houses
Boston Beacon Hill open houses will help with the transparency. Buyers and lookers will be able to experience the upgrades in person and get a better read on the traffic. The art of determining the difference between lookers and buyers will be renewed.
We will find peace with these higher prices. We would have gotten here eventually – it just happened faster than we ever thought possible.
Interest rates will more than likely rise in the 2ns half of the year. But will higher interest rates have an impact? There appears to be a lot of cash in play to soften the blow. One thing you can count on – Boston Beacon Hill condo sellers won’t care about higher rates, so don’t expect dramatic price declines. They aren’t in a hurry, they don’t have to sell, and they aren’t going to give it away!
If Boston Beacon HIll’s condominium prices were to come down, it would be slowly and over time. There will be occasional deals that give hope to lower pricing, but then a couple of high sales will happen right behind them.
The ibuyers might be the only candidates who could influence the market in a panic, but they could rent their homes for a while if they had to. They are big corporate entities who are used to losing money, so no real pressure. The old accounting rules REQUIRED banks to sell their properties quickly, but those days are long gone.
More potential sellers will give up the thought of moving, and the number of homes for sale could stay restricted – or even go lower. The hope of there being a post-covid surge of sellers will wane.
If there were an occasional surge of new listings, they would all be priced based on recent sales…..or priced higher. If buyers don’t like today’s prices, having more inventory priced the same won’t help.
The statistics will bounce around more as we pull into the plateau Beacon Hill market.
In the last 6 months of 2021, 88 Boston Beacon Hill condos sold.
The average list price for a Boston Beacon Hill condo for sale in 2021 is $1,486,675
The average sales price for a Boston Beacon Hill condo for sale in 2021 is $1,410,716
The average sales price per sq ft for a Boston Beacon Hill condo for sale in 2021 is $1,213.00
Boston’s Beacon Hill, home to some of America’s oldest families, is one of the city’s most exclusive and historic neighborhoods, The golden dome of the Massachusetts State House acts as a guiding light sitting on top of Beacon Street and overlooking both the neighborhood and the bordering, gorgeous, open spaces of Boston Common. Often referred to as “The Hill” by residents, the area encompassed within Charles, Cambridge, and Beacon Streets and Mugar Way is perhaps the most tranquil urban neighborhood in the country. Numerous independent shops, boutiques, taverns, and restaurants along Charles and Cambridge Street offer bountiful options. In contrast, the narrow, tree lined side streets on any of Beacon Hill’s slopes are a peaceful retreat from busy city life.
Nearly all the other neighborhoods and districts in the city can be easily accessed from Beacon Hill. The best of Boston can be found minutes away from the picturesque neighborhood. The Back Bay, North End, Government Center, Financial District, and the Theatre District are within short walking distance. World renowned Massachusetts General Hospital sits at the bottom of The Hill on Cambridge Street. This central location makes the neighborhood highly desirable for professionals who prefer to commute by foot. City permitted parking parking is available on most streets. Residences on Beacon Hill range from townhouses in Louisburg Square and along Beacon Street to newly converted condo buildings and property waiting to be converted throughout the neighborhood.
If you are interested in acquiring or renting a property on Beacon Hill please contact one of our real estate professionals at Ford Realty. Our phone number is 617-720-5454, or email us at realtyford@Yahoo.com. We will be happy to assist you in any of your real estate needs.
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SEARCH FOR CONDOS FOR SALE AND RENTALS
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For more information please contact one of our on-call agents at 617-595-3712.
Contact me to find to set up an appointment to start your Boston condo-buying process.
SEARCH BOSTON CONDOS FOR SALE
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For more information please contact one of our on-call agents at 617-595-3712.
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Condos around the Midtown area to rent:
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Navy Yard Charlestown area condos for rent
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Leather District area condos for rent
Midtown area condos for rent
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North End area condos for rent
West End area condos for rent
East Boston area condos for rent
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