The key to the Boston condo for sale market for the rest of 2022 will be the inventory – no surprise there.
If there was a surge of Boston condos for sale priced from $500,000 – $900,000 that were upgraded, well-presented, it would light the Boston condo market on fire, mostly because we haven’t had many of those.
But it is more likely that we will have more of what we’ve had lately – homes for sale that are of the scratch-and-dent variety. They are ok, but not the premium creampuffs that every Boston condo buyer desires.
The Boston high-rise condo for sale market will probably struggle a bit as sellers and agents slip back into the old normal where they ‘list ’em high and let them ride’, believing that it takes months to sell a more-expensive home. It doesn’t, but if you don’t have to sell, have plenty of time, and you’re not going to give it away, it is a fine strategy.
There will be likely be fewer Boston condo for sale agent overall, as interest rates rise and shrinking the pool of buyers for some it will be too hard, and too time-consuming.
Pricing? We don’t have a good way to measure, just bad ways. The median sales price will probably trend downward due to fewer of the higher-end sales. But sales of the sub-$3,000,000 creampuffs will determine whether the median sales price goes up or down
I watch the Boston condo for sale numbers closely, daily even, and have noticed a slight shift in the Boston local real estate market. For the first time in a long time, the number of homes on the market is increasing. It seems to be due to a decrease in pending listings. The number of new listings has been pretty flat.
That means the offers are not coming in as quickly as they were a few weeks ago and as a result, there are more downtown Boston condos on the market. Don’t get me wrong there is still a shortage of homes for sale and we are still in a strong Boston condo seller’s market. I am also seeing some price reductions and cancelled listings.
Those cancelled listings in most cases will come right back on the market but cancelled listings tell me that there was some sort of an issue going on in the downtown Boston condo sales market.
It is possible that housing prices have reached the point where lower interest rates are not enough to make them affordable.
Early next week I’ll have the numbers for June 2021. Traditionally home sales are not as robust during the summer as they are in the spring so I may be seeing a slight seasonal shift.
I really don’t think we will see an end to the seller’s market until 2025 or 2026 and at that point, we will see a more balanced market. the economic job oulook could throw my predictions way off.
It is still a wonderful time to sell a Boston condo
The current Boston condo for sale market is an interesting price reductions on Boston condos for sale. With that said, condos in desirable buildings, if priced right, will sell in a short time at or near asking price. There are more are and more Boston condos for sale coming on the market, but special units, condos that are not so typical can go quickly.
In a previous post, I mentioned that Boston condo buyers who have patience will be rewarded. We have seen many properties that have gone through price reductions. Boston condos for sale that were way overpriced are getting pummeled , especially those that have had that many reductions.
Are you looking for a Boston condo for sale? You will begin to see more condos coming on the market in the next few weeks. Many will stay on the market for awhile and others will not. The ones that won’t are ones that are more unique like a special corner unit in a building or something like a 1 bedroom penthouse unit. When you have a Boston condo for sale that is unique, the urgency to not miss out is much higher. When you have 10 to 15 condos that are very similar like interior units, there is no urgency or fear of loss. As you move forward in your search for a Boston condo for sale, work with a specialist, someone that understands the Boston downtown condo market and understands why one condo price make sense while another one does not.
If you have an interest in viewing Boston condos for sale, please call me at 617-595-3712. Thank you.
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Updated: Boston Real Estate Blog 2022