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Beacon Hill condos for sale: Open Houses or Not?

Are Open Houses being Replaced by off-market real estate transactions?

From the Boston Globe:

Residential brokers in Boston and even inner suburbs like Newton and Wellesley say off-market transactions, or those involving a home that never appears on the Multiple Listing Service, have surged in recent years.

Select homeowners don’t want to bother with open houses that invite strangers to traipse through their living room on a Sunday afternoon during a pandemic.

But this hidden sector of the residential market isn’t entirely to blame on coronavirus.

Hidden sector of the residential market

While MLS is a platform technically available only to real estate agents, its listings are automatically picked up by online platforms like Redfin and Zillow.

It is difficult to pinpoint just how popular off-market listings became in recent years because, well, they’re off-market. But there are some clues in public records.

Boston Real Estate and the Bottom Line

MLS data show 569 homes sold in Boston in July 2019; however, land records indicate that the number of condos and single-family home transactions was actually 658, according to analytics firm The Warren Group. That disparity implies 89 off-market listings in Boston.

The disparity between MLS closings in Boston compared with total transactions widened to 107 in July 2020.

Source: Boston Globe

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