How long to sell a downtown Boston condo? The answer is probably a lot longer than you think. Before I get into the answer, I’d like to quickly mention that we beat the local averages. These are not my numbers, the numbers in this article are averages for all the Boston condo sales in the Boston metro area, using all the different Boston real estate agents out there.
Average time to sell a Downtown Boston condo in 2018:
- Back Bay: 63 days
- Beacon Hill: 57 days
- Charlestown: 34 days
- Leather District: 38 days
- Midtown: 102 days
- North End: 23 days
- Seaport District: 48 days
- South Boston: 22 days
- South End: 27 days
- Waterfront: 85 days
- West End: 39 days
Longer than you think
Now when we say average time to sell a Boston condo, we are counting the days from the first day of the listing to the day the sellers accept an offer from a buyer. We are not talking about the average time it takes to close a Boston condo sale that is already agreed on and in escrow, that is around 45 days and is a relatively stable figure. The above is from MLS, our local source for regional Boston condo sales. The above is the average time to sell a home in the greater Boston metro.
Yes, some neighborhoods and suburbs sell faster than others. But if you think that the average Boston condominium in your neighborhood sells in a few days, you might want to reconsider that position. Let’s take the fastest overall month so far in the metro last year
The hottest part of town (and it has been for while now), South Boston, the average home still took a full three weeks – on average – before the seller accepted an offer from a buyer. That is the cold, hard data.
So why do so many Boston condo owners believe their home will sell immediately? Well, first off they love their home! They are the ones that bought it after all. Second, it is easier to focus on the positive, the homes they see sell quickly, rather than the ones that are sitting. Third, the news media focuses on the sensational. A home sitting for a couple months with no offers is not sensational. Our local newspapers and news stations regularly publish articles on home bidding wars and use the most extreme examples they can find in their reports.
In fact, many Boston high rise condos do not sell at all. There are an awful lot of homes that enter the Boston real estate market each year and don’t sell at all. They cancel the listing and give up.
Again, my real estate team beats these averages by a long margin. However, we certainly do not expect to sell every single home and we do not expect to sell every single home in just a couple days.
I believe the Boston real estate market needs a little dash of reality. And in fact, it is slowing down. We still have plenty of healthy growth, but it may be time to temper our market expectations. The Boston condo for sale market is good here and unlikely to slow down significantly anytime soon, but it isn’t the whirlwind so many local news reports make it out to be.
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114