Boston condo market is still alive
Boston Condos for Sale and Apartments for Rent
Boston condo market is still alive
Closed sales, new listing numbers surge in April as summer market approaches
As the summer market approaches, both closed sales and new listings increased in April, according to the latest report from the Massachusetts Association of Realtors.
In April, closed sales increased 16.4%, while new listings of single-family homes surged 39.8% from March.
And while home supply also increased from March, it still can’t keep up with the demand, making it another tricky season for homebuyers to navigate.
Amy Wallick, 2024 MAR president and Realtor at Lamacchia Realty, said while April showed signs of increased market activity, demand continues to outweigh supply for the Massachusetts Housing Market.
“Housing costs continue to compound these market conditions, as evidenced by the housing affordability index reaching its lowest point thus far this year,” Wallick said. “The market continues to favor sellers, with median home prices still on the rise, and we’re hopeful that this, plus the summer season, will encourage more sellers to enter the market.”
Last month, the median sale price for a single-family home in Massachusetts increased by 8.5% from April 2023 to $635,000, while new, single-family home listings grew 22.3%.
April was also a great month for the condo market, where the median sale price rose 1.9% to $540,000 and new listings grew 18.4% from last year.
Closed sales also increased from last year, up 8% for single-family homes and up 11% for condominiums.
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Updated: Boston Real Estate Blog 2024
Visit our office at 137 Charles Street, Beacon Hill MA 02114
Beacon Hill Condos for Sale
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Boston condos for sale – Ford Realty Inc
Updated: Boston Condos for Sale Blog 2024
Byline – John Ford Boston Beacon Hill Condo Broker 137 Charles St. Boston, MA 02114
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Boston condo market is still alive
Life is a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retiring and starting a new adventure, or the bittersweet feeling of an empty nest. If something like this is changing in your own life, you may be considering buying or selling a Boston condo. That’s because through all these life-altering events, there is one common thread—the need to move.
Reasons People Still Need To Move Today
According to the National Association of Realtors (NAR) there have been a lot of this type of milestone or life change over the last two years (see graph below):
And, these big life changes are going to continue to impact people moving forward, even with the current affordability challenges brought on by higher mortgage rates and rising Seaport condo prices.
As Claire Trapasso, Executive News Editor at Realtor.com, says:
“Because high mortgage rates, elevated home prices, and stubbornly low inventory make today’s housing market particularly challenging, many of today’s buyers are motivated by life changes, such as growing families, supporting elderly parents or grown children, or accommodating professional needs. . .”
Lean On a Real Estate Professional for Help
Whether you’re beginning your search for a home or preparing to sell your current condominium, you don’t have to go it alone. With their expertise, a real estate agent is an invaluable partner who can help you smoothly transition through these big moments in your life. Here are just a few examples.
When Buying a Home
If you’re welcoming a new addition and want more space, the need for a new home may be a top priority. While higher home prices and mortgage rates are creating challenges for buyers, you may have to find a way to meet your changing needs, even with today’s mortgage rates.
A skilled real estate agent can help. Their expertise and knowledge of the local housing market can save you a considerable amount of time and stress. An agent will take the time to understand your specific needs, budget, and preferences, allowing them to narrow down your search and present you with suitable options.
When Selling a House
If you’re retiring or going through a separation or divorce, your main focus may be to make the most out of your investment when selling your townhouse, so you can find one that works better for you moving forward.
This is another place where a real estate agent’s expertise truly shines. They can accurately assess your home’s market value, suggest improvements to enhance its appeal, and craft a strategic marketing plan. Their negotiation skills are a big asset when it comes to making sure you get a fair price for your house, allowing you to move on to the next chapter of your life with confidence and peace of mind.
No matter your situation, lean on a trusted professional for help as you buy or sell a home.
Boston Condos and the Bottom Line
If recent life-changing events have you wanting or needing to move, let’s connect.
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Some people think that the Boston condo market is dead. But according to MLS the Boston condo market is very much alive, and properties are selling in all price ranges.
Number of Boston condos under agreement as of today – 389
Average list price – $469,852.00
Average market time – 111.98
Highest priced condo under agreement – $6,250,000.00
If you count Boston condos, Boston single-family, Boston Multi-family, and land the number of properties under agreement reaches 942.
Source – MLS
Photo – Flickr
