The downtown Boston real estate housing market is definitely changing. Maybe not everywhere, at least not yet. But I see signs, sellers are slowly losing their dominance and the pendulum is starting to swing in favor of Boston condo for sale buyers 

The days of multiple offers on the same downtown Boston real estate property have fallen drastically, more buyers are holding out for home inspections, and more deals come with caveats about the buyers selling their current Boston condo

According to realty brokerage firm Redfin, just 12 percent of all offers made through the company in June faced a bidding war. That’s down from 52 percent just a year ago – one in eight versus one in two. 

Boston Condo Contingent Offers are Up 

Meanwhile, buyers are becoming more successful with contingent offers. 

A year ago, according to Redfin, 20 percent of the company’s buyer-clients were willing to waive the contract contingency that allowed them to have a private home inspector go over the property from stem to stern before closing. Only 15 percent chose to forgo that language in May. 

Redfin Chief Economist Daryl Fairweather’s conclusion: Sellers are now more willing to give buyers what they want because sellers don’t have as much negotiating power as they did a year ago. 

Boston condos for sale are still selling, of course. But it’s taking longer than it used to, according to data from the National Association of Realtors. The average number of days on the market in May was 47, which is 22 days longer than in August 2017. 

Days-on-the-market is a key indicator of the strength of local conditions. And since the first of the year, it has been steadily rising. Unfortunately, some houses linger longer – sometimes much longer – which means sellers have to take a hard look at their listings if they are serious. 

Boston Condos for Sale: Time on Market Hurts 

There may be other reasons why Boston condos for sale aren’t selling as quickly as before: Maybe it shows poorly or lacks proper marketing.

But 99.9 percent of the time,” it is price, and it needs to be reduced.

Boston Condos for Sale: When Is a Price Cut Needed? 

You’ll know a price reduction on downtown Boston real estate is necessary if no one has come to look at your home, or if you’re getting lots of action, but no offers. 

 

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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