Boston condominium buyers and sellers had few number of transactions deals across the Boston area in December, with a significant drop.
Number of Boston Sales: 235
DOWN 48.4% vs Dec 2021
The rock-bottom interest rates during the pandemic fueled a home sales boom that finally began to slow this past summer.
Around the region, December median sales prices have begun to decline or level off compared to this time last year.
Median Sale Price: $640,000
DOWN 8.6% vs Dec 2021
The median sales price per square foot is also down.
Median Sale Price/SF: $665.74
DOWN 7.9% vs Dec 2021
The result of the slower market for Boston buyers who are still trying to make a deal?
And for sellers? They have to work with those buyers.
According to local agents, sellers have had to be more accommodating as the market has shifted. They put more effort in sprucing up their homes before listing, they slash their prices when homes linger on the market and they sometimes help buyers cover the cost of getting a lower rate from their lender. Those tactics are a marked change from earlier days of the pandemic, when sellers could count on buyers scrambling to quickly submit offers, often for more than the list price.
We’re going back to more give and take on both ends.
Even so, affording a home remains difficult for many first-time buyers.
Local real estate brokers expect the market to pick up in the new year as the typically busier spring market arrive
That dynamic could continue to attract buyers who want to take their time.
Two categories of buyers are starting their search right now. First-timers hoping prices and competition are more manageable than they have been over the last few years, and returning buyers who took a break after losing out on multiple homes during the pandemic bidding-war frenzy.
They should be able to take their time and find a home for a slightly lower price than last year, but the market will likely become more competitive over the next few months.