Boston Real Estate for Sale

Boston Real Estate Market: Comparing Boston condo sales stats 2022 with 2023

Boston Condos for Sale and Apartments for Rent

Loading...

Boston Real Estate Market: Comparing Boston condo sales stats 2022 with 2023

Comparing real estate metrics from one year to another can be challenging in a normal housing market. That’s due to possible variability in the market making the comparison less meaningful or accurate. Unpredictable events can have a significant impact on the circumstances and outcomes being compared. 

Comparing this year’s numbers to the two ‘unicorn’ years we just experienced is almost worthless. By ‘unicorn,’ this is the less common definition of the word:

“Something that is greatly desired but difficult or impossible to find.” 

The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and people needed a home office and big backyard. 

  • Waves of first-time and second-home buyers entered the market.
  • Already low mortgage rates were driven to historic lows. 
  • The forbearance plan all but eliminated foreclosures.
  • Home values reached appreciation levels never seen before.

It was a market that forever had been “greatly desired but difficult or impossible to find.” A ‘unicorn’ year.

Now, things are getting back to normal. The ‘unicorns’ have galloped off. 

Comparing today’s market to those years makes no sense. Here are three examples: 

Buyer Demand 

If you look at the headlines, you’d think there aren’t any buyers out there. We still sell over 10,000 houses a day in the United States. Of course, buyer demand is down from the two ‘unicorn’ years. But, according to ShowingTime, if we compare it to normal years (2017-2019), we can see that buyer activity is still strong (see graph below):

20230530 showing traffic above pre unicorn years

Home Prices

We can’t compare today’s home price increases to the last couple of years. According to Freddie Mac, 2020 and 2021 each had historic appreciation numbers. Here’s a graph also showing the more normal years (2017-2019):

20230530 percent of annual home appreciation returning to more normal pre unicorn years

We can see that we’re returning to more normal home value increases. There were several months of minimal depreciation in the second half of 2022. However, according to Fannie Mae, the market has returned to more normal appreciation in the first quarter of this year.

Foreclosures 

There have already been some startling headlines about the percentage increases in foreclosure filings. Of course, the percentages will be up. They are increases over historically low foreclosure rates. Here’s a graph with information from ATTOM, a property data provider:

20230530 1m fewer foreclosures during unicorn years

There will be an increase over the numbers of the last three years now that the moratorium on foreclosures has ended. There are homeowners who lose their home to foreclosure every year, and it’s heartbreaking for those families. But, if we put the current numbers into perspective, we’ll realize that we’re actually going back to the normal filings from 2017-2019.

Bottom Line

There will be very unsettling headlines around the housing market this year. Most will come from inappropriate comparisons to the ‘unicorn’ years. Let’s connect so you have an expert on your side to help you keep everything in proper perspective.

_________________________________________________________________________________________________________________________________

In today’s Boston real estate blog post we will take a snapshot on how the Boston real estate for sale market in regards to Boston condo sales from the last 3 years for the month of January 2021 back to 2019

Number of Boston condo sales in January 2021 – 302

Up 2.0% vs, January 2020

Median Boston Condo Sales Price 

The median Boston condo sales price – $664,500

Down 4.4% vs. January 2020

Boston Condo Sales Inventory 2021

Boston condo sales inventory: 1,321

UP 39.9% vs Jan 2020

Boston condos for Sale – Days-on-Market 2021

Average days-on-market for a Boston condo for sale – 65

UP 6.7% vs January 2020

Month of Supply for Boston condos for sale 2021

Boston condo supply inventory – 3.81 months

UP 30.5% vs January 2021

* Length of time it takes to sell a Boston condo for sale

Median Sales Price per Sq. Ft for Boston condo 2021

The average sales price for a Boston condo based on per sq. ft. – $681.00

Up 1.7% vs January 2020

 

Number of Boston Condo Sales  2020

Number of Boston condo sales in January 2020 – 284.

Up 3.4% vs, January 2019

Median Boston Condo Sales Price 2020

The median Boston condo sales price – $700,000

Up 8.9% vs. January 2019

Boston condos for Sale – Days-on-Market 2020

Average days-on-market for a Boston condo for sale – 51

Down 63% vs January 2019

Month of Supply for Boston condos for sale 2020

Boston condo supply inventory – 2.51 months

Down 1.0% vs January 2019

Median Sales Price per Sq. Ft for Boston condo 2020

The average sales price for a Boston condo based on per sq. ft. – $666.20

Up 2.6% vs January 2019

Boston condo list price vs sales price 2020

Within 95%

Boston Real Estate for Sale

Loading...

 

Call Now