We’re certainly all in unique times and the Boston real estate market is not immune to the changes happening around us. Many buyers think now is the time to make low offers and many sellers are waiting on the sidelines – for the “right time” to list their Seaport or Beacon Hill condo. In the meantime, the market is moving along – perhaps faster than you might think.
Fewer pending sales should be expected during this time. However, since fewer new listings are entering the market than are selling, inventory is actually reducing. To further help keep the supply in check, more Boston condos for sale are coming off the market than last year as well. That means supply is not outstripping demand. This should mean that when the markets reopen completely, it should be a balance market, with a slight edge towards a buyers market, but it might only be a short-run, til it moves back to a sellers market.
Since demand is simply down and showings are down, I still wouldn’t list my Beacon Hill condo or downtown high rise condo unless I really had to sell though. When the market fully reopens and demand comes back, it’s unlikely will see any long term downward pressure – unless this continues all the way through June. If things reopen for the most part in May, we Boston condo sellers should all be fine.
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For now, thanks for watching and stay healthy!