The snow is gone, the crocuses are poking through, and for sale signs are starting to dot neighborhood streets.
With the pandemic and working from home, the last few years have been crazy for the Boston condo for sale market
Bidding wars and waiving contingencies are now the rule, not the exception.
The spring Boston condo for sale season is the busiest time of the year, and so far, it’s already showing signs of being an intense couple of months.
Like hunters stalking prey, prospective home buyers descended on a rare finds of Boston condos for sale listed for less than a million dollars.
The inventory situation in Boston is particularly dire, there are 40% fewer homes for sale than there were at this time last year. There are 18% fewer homes coming on the market as new listings.
One reason so few properties are for sale is many current homeowners are scared to jump into this market. It’s very expensive to try and move up into a larger home because everyone wants a larger home these days, so there just isn’t really a huge incentive for people to move, especially if they’ve already locked into a low mortgage rate last year.
It’s a basic lesson in economics when demand exceeds supply.
Hang tight Boston condo buyers its go to be a tough ride.
Source: Boston 25 News