The latest stats point to a seller’s market here in Boston.
The second quarter stats are in for our Boston real estate market. What do they tell us?
If you follow the news, it’s easy to get the impression that things aren’t going well, but if you’re a buyer or seller who follows the market itself, you’re hearing a much different story.
Right now, interest rates are historically low—as in, the lowest they’ve ever been—and they’re one of the main factors driving the market. Also, we have low inventory and high demand in certain areas, which is good news for sellers. Our city has a strong economy, and we’ve handled the COVID-19 situation very well, so Boston is still a desirable place to live.
There’s a lot of fear out there, but as I always tell people: If you’re renting, you’re throwing away money. As you can see at 1:19 in the video above, the citywide 10-year price index shows a steady rate of appreciation since 2012 when the last recession ended.
If you do decide to buy and are looking for a home in a great neighborhood that’s under $1 million, be ready to enter a multiple-offer situation. A lot of homebuyers we work with are surprised to find out that some homes are still selling over asking price, but they are. Roughly one out of every five homes is selling over its list price.
At 2:10, you can see what I mean when I say we have low inventory. There’s been a slight uptick since we hit rock bottom, but that’s because things are opening back up now that we have COVID-19 protocols in place, and know how to show homes safely.
Each neighborhood is different, but the only price point that’s not doing well is the luxury market, or anything over $2 million. You can see the sales summary and inventory numbers for this segment at 2:42. That situation will probably stay the same for the next year or so.
If you’d like to talk more about our Boston market or want to know the best course of action in your situation, don’t hesitate to reach out to me. I’m here to help.