Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.Median days on the market increased by five days to 42 in August compared to the same month last year, according to the Realtor.com Monthly Housing Trends Report.
In the Boston area, median days on the market increased by four to 35. The median listing price rose 12.2% year over year to $729,000. Active listings increased 4.5% and new listings dropped 22.4%.
Nationally, the median listing price rose 14.3% to $435,000. That’s down from the record-high median pricing of $450,000 in June. Nationally, active listings increased 26.6% year over year and new listings were down 13.4%.
“These trends reflect a housing market that is getting a refresh from the past two-plus years of frenzied buyer demand that outmatched supply, with inventory rising and more typical seasonality expected to return in the fall,” the Realtor.com report said. “It’s a long road to balance, with homes still selling more quickly than prior to COVID. However, relative to the market’s recent peak, August’s milestone shift in time on market trends is a step toward offering buyers relief from the relentless rush for homes.”
Bottom line, Boston condos for sale and days on market have been increasing. I expect they will continue to increase at least for the near future.
My clients are wondering where the local Boston condos for sale market is going to end up.
For conditions to change much, Boston condos sellers would have to panic, and dump on asking prices . Otherwise, we will just be taking a leisurely stroll through a Plateau market admiring all the downtown Boston condos that aren’t selling.
While lately the number of the active listings have been growing steadily, they would have to double from this point before getting into the danger zone – but we’re going to run out of time before that happens.
Now that doom is being broadcast everywhere, but will Boston condo sellers will decide to lower price or that now isn’t a good time to sell, and I foresee by in the next few months they will quit listing their homes for sale and take a pause.
The market won’t keep getting worse – it will just taper off for rest of the year as buyers AND sellers lose interest. Instead, we’ll be talking about the playoffs and hopefully talking about the Boston Red Sox going to the World Series!
Updated: Boston Real Estate Blog 2022
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With the cold weather moving in, the slowdown is here, which probably means Boston condo for sale prices are going to flatten out.
But what happens in flatsville?
But what happens in flatsville? Prices take much longer to catch up – if they ever do. With mortgage rates at record low levels – can market conditions be any better than what we’ve seen lately? Probably not.
The days-on-market is going to matter now.
Buyers have been willing to ignore the longer DOMs because they knew prices were rising fast – and they were frustrated. But in a slower market, buyers gain confidence and don’t mind waiting to see how it all shakes out.
Boston Real Estate and the Bottom line?
You want to sell in the first 30 days on the market.
The pricing history of each Boston condo, and the amount of time it’s been on the market is public knowledge. Once you roll into flatsville, the homes languishing on the market for months will get ignored. Buyers are more skeptical, and the longer a house is on the market, the less they want to pay!
Other things will matter too. Curb appeal and interior improvements, ease of showing, reputable listing agent, and the attractive price will all be scrutinized closely by prospective purchasers who are looking for any reason NOT to buy. Staying on the fence will become a new sport.
Is it a big deal? Not to those who don’t need to sell. Buyers will still come around, and you might get lucky.
But rising prices have been provided the ‘luck’ because they caused buyers to ignore market signals – they just wanted to buy something before it got worse.
The shift in the market is subtle, and many won’t notice.
But the educated buyers are paying attention, and now hesitating over the little stuff. The number of days on the market will be their primary data point, so do everything possible to ensure a prompt sale!
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