Boston Real Estate News: Spring Market is in Full Bloom
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Boston home market heats up heading into spring
All signs point to a competitive spring market, according to the latest data from the Greater Boston Association of REALTORS®.
The median sales price for a single-family home in Greater Boston fell 4% year –over year to $852,500 in February. The number of homes sold decreased by a notable 9.1%. Inventory took a hit as well, dropping to 922 — a 13.8% decrease from last year.
“As Greater Boston begins to move into the busy season for home sales, there is still not enough inventory to satisfy demand,” said GBAR president Joselin Malkhasian. “We expect the next few months to be very competitive for homebuyers, especially for well-priced homes that typically sell fast in these months. Buying and selling behaviors have become more balanced, but well-priced and professionally marketed properties are still selling fast and for over asking.”
Condo prices dipped 6.6% year-over year, hitting a median of $687,500, while sales and inventory dropped by 7.4% and 11.7%, respectively. Condos camped out on the market 10% longer than they did last year at 66 days.
“As the warm weather approaches, we expect more single-family homes and condominiums to hit the market,” Malkhasian said. “The housing market over the holidays is typically slower, which is reflective of a lower median sale price for sales that closed in February. We don’t expect that trend to continue due to the current low supply and high demand.”
Ford Realty Inc., Boston Real Estate for Sale
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Boston Real Estate News: Spring Market is in Full Bloom
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Boston Real Estate News: Spring Market is in Full Bloom
The spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that’s a good sign for sellers. Realtor.com has the latest:
“Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.”
We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:
“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.”
That means the number of mortgage applications shows how many buyers are applying for mortgages. Put another way, an increase in mortgage applications means an increase in buyer demand – and as Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains, application activity started ramping up as mortgage rates fell steadily in March:
“Application activity increased as mortgage rates declined . . . recent increases, along with data from other sources showing an uptick in home sales, is a welcome development.”
In fact, we can see how mortgage rates have a direct impact on applications over time. As rates rose dramatically last year, applications fell in response (see graph below):
The recent uptick in mortgage applications, as well as the decline in mortgage rates, is good news for sellers because it means more buyers are actively looking for homes.
What This Means for You
Buyers are coming this spring, which is typically the busiest time of the year in real estate. And as Realtor.com tells us, if you’re a seller, you need to prepare:
“If homeowners are planning to sell in 2023, now is the time to get ready.”
The means working with a local real estate agent to maximize your home’s appeal and get it listed at the ideal price for your area.
Bottom Line
The housing market is warming up for spring. If you’re thinking about selling your house and taking advantage of this recent uptick in buyer activity, let’s connect.
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The Boston real estate and Boston suburb spring housing market is starting to bloom, but demand is already sky-high and real estate agents say the problem is there is just not a lot out there to buy.
A home in Newton, Massachusetts, hit the market a 2 a.m. Wednesday, and by lunchtime on Thursday, there were already three offers, sight-unseen.
“The market feels as if it’s frozen,” said Dino Confalone, the president of the Greater Boston Association of Realtors. “It’s starting to thaw, but there’s been a vicious cycle of people waiting to put their houses on the market because of COVID.”
What is on the market is going fast, often over the asking price.
Ford Realty Inc., Boston Real Estate for Sale
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