Here is a look at home sales in December 2022. December is generally the month with the fewest home sales and new listings. Last month was pretty typical in that regard
Condo Sales – 235
DOWN 48.4% vs Dec 2021
Median Sale Price $640,000
DOWN 8.6% vs Dec 2021
Days on Market-53
UP 1.9% vs Dec 2021
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Many believe that low Boston real estate for sale inventory is a critical factor in rising home prices. I love statistics, so I decided to check the Beacon Hill and Boston Seaport condo inventory figures. According to MLS statistics, the listings are not that much different from 2019
Okay, it looks like the number of available homes is actually on the rise, so what gives? Maybe it’s not supply but overwhelming demand that is the culprit.
It is evident from the numbers that demand is far outpacing supply even though supply is increasing.
When a snowstorm is in the forecast, you better get to the grocery store quickly if you want bread and milk. Is the same logic applies when we are in the middle of a pandemic, there could be a run on life-sustaining items? My first thought about what is life-sustaining involves four things, food, water, clothing, and shelter, yes, a home.
Is available homes are even rarer than toilet paper and hand sanitizer. You can hoard all the toilet paper and hand sanitizer you can buy, but you need a place to keep it?
Concern for one’s well-being is valid, and the fear it generates as it relates to shelter can create opportunities for home sellers.
Living in or close to downtown Boston was often a more costly undertaking than living in a rural area. The convenience and economic opportunities that a populated area provides often cause an escalation in real estate value. While there remains a property value difference, the gap has undoubtedly closed. In the late ’40s, the automobile gave rise to the suburbs, and people did not have to live in the city to enjoy the benefit.
The internet age taught us we did not have to go to a store to buy things or to a restaurant to have dinner. We can stay home, enjoy a delivered meal, and go to the movies every night. The age we are living in sets a whole new precedent for how we use our home. It is a cafe, department store, movie theater, office, and of course, shelter. Our homes are like little cities within themselves with all the conveniences just a click away. Yes, our house is even more vital to our well-being that ever before.