Not all Boston real estate agents sell Boston condos, some only do Boston apartment rentals, but with that said, the number of Boston condos for sale and the number of homes nationally for sale that’s on the market is declining as the number of real estate salespeople is on the rise, and on average each real estate agent is selling fewer homes (Boston condos).
The last time membership peaked was about a year after home sales peaked. I was selling Boston condos and renting Boston Beacon Hill apartments during the great recession and housing market crash. Real estate agents were quitting real estate and working in other jobs or retiring. Membership hit a low around 2011. The best years for real estate agents were in 2013 and 2014 when home prices started to rise again and demand was up but at the same time, there were fewer real estate agents.
I am going to go out on a limb and predict we will start to see a decline in the number of Realtors between 2021 and 2022.
Home sales nationally and Boston condos are likely to be lower in 2022 than they were in 2021 but it won’t be because people are not buying homes it will be because fewer people want to sell their houses/Boston condos
2021 was one of the best years ever to sell a home. Even in December, even during the holidays. 2022 will be a great year for Boston condo sellers and not sure a good year for Boston condo buyers as they compete with more buyers and have fewer choices.
Think it’s bad now? Here are a few indicators that may frighten some Boston real estate agents:
Massachusetts single-family home sales indicator:
2011 – 11,308
2010 – 14,158
Condo sales down 2.6% in September and from 2010 to year-to-date down condo sales down 20%.
Mortgage delinquencies indicator: Mortgage delinquencies are on the rise. In the second quarter 2011 number of delinquencies were at 5.82% in the third quarter of 2011 5.88%.
And lets not forget…
The tap water indicator: The NPG Group, a research firm, in a recent study found Americans are foregoing paid beverages to save money at restaurants and are drinking tap water instead.
Yes, tough times ahead.
This weekend we’re going to a restaurant, and I’m just going have to tell Mona, forget the Merlot, lets drink more tap water, eat a lot more free bread and would she mind ordering off the kiddie menu.
File Under: Belt tightening or should I say intestine tightening.