We are well into the slow time in the Boston condo for sale market. The holidays and cold weather mean fewer home sales and fewer properties on the market. Experts predicted Boston condominium sales would start to slow and the inventory of homes for sale would accumulate. They were wrong on the inventory building up.
The inventory of properties is not accumulating because fewer homeowners have decided to sell. There seem to be plenty of property buyers even with the higher interest rates. We are starting to see buyers put their home search on hold due to job loss. The unemployment rate is still very low but there have been some layoffs in technology jobs.
In about the middle of January, things will start to pick up. What we call the spring real estate market is usually in full swing by the end of February.
Right now is probably the best time of the year to buy real estate, especially for cash buyers. Boston condo sellers tend to be motivated this time of year and home buyers are less active.
Happy Holidays for one and all.