Boston Condo Slump
Boston Condos for Sale and Apartments for Rent
Boston Condo Slump
It’s inevitable that we will see more scary headlines and stories, like the one below, from now on.
Boston condos for sale
Nobody knows what to do about ‘the market’, so featuring the complaining sellers will create the sexy headlines/stories. It’s as far as the media wants to go anyway.
It’s natural to blame the buyers too:
Homes linger on the market as sales slow
The housing market has been in a rut since 2022, when mortgage rates began climbing from historic lows. The number of homes available for sale sank while prices kept rising.
Nationally, more homes are going on sale and remaining unsold longer because buyers have been unwilling or unable to make a deal. Active listings — a tally that encompasses all homes on the market except those pending a finalized sale — increased in July for the 21st month in a row, climbing nearly 25% from a year earlier, according to Realtor.com.
https://apnews.com/article/real-estate-housing-market-home-prices-6a2ae673d0c93e98b69d3c6b99925124
What you won’t see anywhere but here is the real truth.
You just need to know:
Call Ford Realty at 617-595-3712 and ask about our Boston condo sellers commission discounts and our Boston condo buyer rebates.
Let us be the light at the end of the tunnel
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Condo sales in the Hub are at their lowest point in eight years. A total of 2,888 condos sold through August. From 2004 to 2007, condo sales for that same period were averaging over 4,600, according to data collected by The Warren Group.
Sales in downtown Boston, which includes sought-after neighborhoods like Back Bay and Beacon Hill, totaled 1,023 in the first eight months of 2009 – which is the lowest number since 1995. (Although in 2001, there were 1,024 sales).
Developers of new unsold condominiums in Boston – like 45 Province, the Clarendon Back Bay, and the W Hotel and Residences – have to be nervous with numbers like that. I don’t think they’re going to be saying the words “sold out” in the near future.
If condo sales in a popular city like Boston are slumping, imagine what’s happening in other cities.
Source: Banker & Tradesman
