Condo and loft sales for the Boston proper area from The Fenway down to Seaport District/ Waterfront continues to move along nicely. With 21 total condo sales most in the above $1M market we are pretty much staying steady with where we have been on the monthly totals the last few months. July could be very different though as we currently have 88 properties in a Pending status for this area of the condo and loft market.
Higher end condos outpaced the lower end this month with only 3 closings under the $500,000 mark. The low end of the market certainly looks as though we have its very competitive with newer listings in some areas getting multiple offers. Part of the reason for this seems to be the low inventory we are seeing which is somewhat unusual for this time of year. One possible reason for this low inventory seems to be that more people are renting out their condos instead of putting them on the market…somewhat of a catch 22 here. The rental market is hot and monthly rentals have gone up. Now with inventory low, sellers are able to push their price a little as choices for buyers are limited. Not a bad time for owners to sell with current inventory under 4 months.