One of the biggest surprises of 2020 is the resilience of the residential downtown real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.
ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:
“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”
That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:
- The Northeast was up 76.6%
- The West was up 56.7%
- The Midwest was up 52.1%
- The South was up 46.7%
The Housing Market Is Showing a ‘V’ Type Recovery
ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):We’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:
“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”
Searching for a Boston condo for sale
According to the National Association of Realtors, 95% of home buyers will use the internet to find their next home. Very few homes are sold because of open houses, print ads, yard signs, or any other marketing medium. This is why Ford Realty in 2019 is concentrating in dominating the Boston downtown condo market for Google search. Our goal is to be on the top real estate websites for features spots or additional branding for your Boston condo for sale, so Boston condo buyers see them faster and more often. This is a giant marketing funnel, where the Boston condo buyer sees your Boston condo for sale online, then next they contact us to schedule a showing and then make an offer on your Boston condo for sale. The more online views, the more showings, the more offers, the better the final sales price and time on the market for your seller.
Boston Real Estate and the Bottom Line
If you’re thinking about placing your Beacon Hill condo for sale, this may be a great time to get the best price and the most favorable terms.