In this video, PT Vineburgh, the sales team leader and listing specialist at Charlesgate Realty, quickly summarizes the latest greater Boston real estate market trends for condos and gives you some insight on what it means if you’re a buyer or seller of real estate in Boston right now.
Boston Real Estate Market Stats
- Condo sales increased 18% in June 2012, marking the eleventh time in the past 12 months that condo sales have improved on an annual basis.
- Condo sales in Q2 2012 improved 23 percent over the 2nd quarter a year ago
- This June was the most active June for condo sales in the past five years with 1246 condos sold.
- The condo median selling price increased 6.4% over last June, climbing to a new all-time high of $399,000
- Boston Real Estate Luxury Market sales (sales above $1 million) have increased 26% over the past 12 months
- The number of condos on the market declined for the 19th consecutive month in June, plummeting 40 percent.
- The last time there was a smaller supply of condos available for sale was 8 years ago in June 2004! At the current sales pace there is only a 2.5 month supply of condos available for sale.
Boston Real Estate Market Analysis
- Because of such low interest rates, buying becoming a better alternative to renting at this point and driving buying activity
- Although limited inventory is containing what is available to purchase, buyers have a great opportunity to enter the market right now and grab long-term fixed mortgage rates in the 3 percent range before prices increase further
- Sellers who have been holding off on selling waiting for the market to turn around would be advised to take advantage of this extremely tight supply of inventory and come on market soon
