Boston Condos for Sale

Boston real estate inventory

In today’s housing market, the number of homes for sale is much lower than the strong buyer demand. As a result, homeowners ready to sell have a significant advantage. Here are three ways today’s low inventory will set you up for a win when you sell this season.

1. Higher Prices for Real Estate

With so many more buyers in the market than homes available for sale, homebuyers are frequently getting into bidding wars for the houses they want to purchase. According to the latest data from the National Association of Realtors (NAR), homes are receiving an average of 3.7 offers in today’s market. This buyer competition drives home prices up. As a seller, this certainly works to your advantage, potentially netting you more for your house when you close the deal.

2. Greater Return on Your Boston Condo Investment

Rising prices mean homes are also gaining value, which increases the equity you have in your home. In the latest Homeowner Equity Insights Report, CoreLogic explains:

“In the second quarter of 2021, the average homeowner gained approximately $51,500 in equity during the past year.”

This year-over-year growth in equity gives you the ability to sell your house and then put that money toward a down payment on your next home, or to keep it as extra savings.

3. Better Terms

In a sellers’ market like we have today, you’re in the driver’s seat if you make a move. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally land their dream home.

So, is low housing inventory a big deal?

Yes, especially if you want to sell on your terms. Moving now while inventory is so low is key to maximizing your opportunities.

Boston Condos for Sale and the Bottom Line

If you’re interested in taking advantage of the current sellers’ market, let’s connect today to determine your best move.

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Boston Condos for Sale

Boston real estate inventory

Housing markets across the country saw new listings growth in June (including Boston condos for sale), as the median list price hit yet another all-time high, and Boston was no exception.

June new real estate listings nationwide increased 10.9%

In June, new listings nationwide increased 10.9% from May and 5.5% year over year, according to the latest Realtor.com Housing Report. The 10 U.S. markets with the highest number of new listings had gains of 20% or more from last year. The number of homes for sale was still much lower than normal, with a 43.1% decline from last year, the report noted. June showed an improvement over May’s 50.9% decline.

New real estate listings in Boston were up 13% from last year.

According to Realtor.com senior economist George Ratiu, the June data means good news is on the horizon for Boston downtown condo buyers.

“Inventory declines improved over the steep drops seen earlier in the pandemic as sellers stepped back into the market in a variety of price ranges across the country,” he said. “The improvement we saw in new listings growth from May to June shows sellers are entering the market historically later in the season, which could mean we’ll see home buying continue into the fall as buyers jump at new opportunities.”

The increase in listings gives buyers more inventory to choose from and more time to make decisions. “If these trends persist, inventory declines and price growth may continue to moderate as the housing market returns to a more normal pace of activity heading into the second half of 2021,” Ratiu said.

Home prices break new records in June

For the fifth month in a row, June home prices broke a new record, as the median list price grew 12.7% to $385,000. The report also noted price growth year over year moderated for the second straight month, down from 15.2% in May.