Zillow is optimistic that we will see more homes being listed for sale:
In prior years, inventory has generally increased in March, and the return to some seasonal normality is a positive sign that the market is reaching a more steady state and could see inventory rise more steadily going forward. With home values skyrocketing, vaccination rates rising, and employees getting long-term guidance on where they can work, we expect an increasing number of homeowners to enter the market and list in coming months. That will come as welcome news to home shoppers enmeshed in bidding wars and watching homes get plucked off the market weeks faster than usual.
But their graph shows an interesting trend. Our inventory had already been dropping since the middle of 2019, and is probably why the beginning of 2020 felt hotter than usual:
If we are nearing two years’ worth of declining inventory then it wasn’t just a Covid-related event – which means the low-inventory environment will persist after Covid is gone.
If baby boomers control our destiny and continue to age in place, then it may last for years to come.
But does it impact Boston condo sales?
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As part of our effort to monitor the Boston condo market, below is a graph that compiles data on Boston condo inventory in the 1st Q, this is an insight into the current performance and longer-term trends within the Boston condo for sale market.
Despite the current situation, some buyers and sellers are still entering the Boston condo real estate market. Although a decrease in sales and inventory is to be expected, it’s still possible to get a great deal on a Beacon Hill condo or a Seaport condo. Sellers will also benefit from less competition, which has the potential to bring prices up.
If you’re feeling a bit uncertain about the future, our team is here to help guide you in the right direction. Our monthly updates make it easy to stay on top of all on the latest numbers—and they can also tell you how the market is doing. And if you ever have any questions or concerns, the Ford Realty Team always has the answers you’re looking for.
Looking for a Boston real estate team that puts you and your needs first? The Ford Realty Team has what it takes to help you buy or sell your downtown Boston condo—and we’re willing to go above and beyond to make sure you’re satisfied.