When it comes to selling your Boston condos for sale, you’re probably trying to juggle the current market conditions and your own needs as you plan your move.
When you’re selling something, it helps if what you’re selling is in demand, but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more South End Boston condo buyers looking to buy than there are homes for sale.
To tell the story of just how low inventory is, here’s the latest information on active listings, or homes available for sale. The graph below uses data from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.
As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s clear inventory is still far lower than the norm.
Buyers have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average seller is getting multiple offers from eager buyers. Based on the latest data from the Confidence Index from the National Association of Realtors (NAR):
- 69% of homes sold in less than a month.
- 2.6 offers: the average number of offers on recently sold homes.
An article from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Because the supply of Boston South End condos for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. Let’s connect to get your Boston condo listed at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.
Updated: Boston South End Condo Website 2023
In case you were wondering, it appears that the South End market, while quiet, is chugging along quite nicely.
There are currently 223 condominiums on the market, today. There are 142 condos under agreement.
During the month of March, 49 condominiums were sold (“closed”). During the month of April, 30 condominiums were sold (“closed”). However, it’s too soon to close the books on April, since many listing agents with closings in April have not updated MLSPIN with the information. (For example, I had a closing yesterday, but the other agent hasn’t changed the status from “UAG” to “SLD”.)
If we use April as the standard, though, then there is approximately 7.4 months of supply in the South End. (If we use March, there is only 4.55 months of supply.)
That level of supply seems about right for the South End. I thought that we’d see a huge jump in listings, this spring, but things seem to have calmed down. There is an adequate supply of properties available to buyers from which to choose (bad sentence). Sellers will have to be careful to make sure they don’t try any funny stuff. They need to price right or be willing to drop their price, quickly, if they expect to sell, by the end of May.
People are buying homes, in the city, this spring. If you’re considering a purchase, you’ll have a bit of competition for the best places. Keep your paperwork in order, focus on your priorities, sleep on any decision before making a purchase, and act quickly, but not in haste.
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