The Boston real estate market continues to maintain its torrid pace through November. Here are a few highlights from our latest market report, along with pertinent buyer and seller advice below:
Citywide Boston Real Estate Market
Year to date through November 30 of each year:
- NUMBER of SALES are UP 33.3% over last year
- PRICES are UP 6.2% over last year
- INVENTORY of homes for sale is DOWN 49.1% from last year
- DAYS on MARKET is DOWN 17.9% from last year
Boston Condo Market, sample of neighborhoods:
Year to date through November 30 of each year:
South End Condos
- NUMBER of SALES are UP 11.7% over last year
- PRICES are UP 3.1% over last year
South Boston Condos
- NUMBER of SALES are UP 31.1% over last year
- PRICES are UP 8.8% over last year
Charlestown Condos
- NUMBER of SALES are UP 38.7% over last year
- PRICES are UP 2.4% over last year
Back Bay Condos
- NUMBER of SALES are UP 28.5% over last year
- PRICES are DOWN only 0.8% over last year
Beacon Hill Condos
- NUMBER of SALES are UP 5.7% over last year
- PRICES are UP 18.6% over last year
These stats are excerpted from our monthly Boston real estate market report. Get the full report here.
Buyer Advice
Yes, given inventory shortages and multiple offer situations happening across the board, it’s not easy to buy right now. There is currently a 2.2 month supply of inventory for sale in Boston and hot properties continue to get scooped up very fast, often with multiple offers within days. That doesn’t mean you should get discouraged and avoid the market. Depending on the price range you qualify for, the rent vs buy equation has likely flipped in favor of buying earlier this year and we’re starting to see consistent price increases. With mortgage rates still at all time lows, locking in a low mortgage payment over the next 3-5+ years is making more and more sense.
Just getting started thinking about buying? Here are a few good first steps:
- Attend one of our upcoming home buyer classes
- Learn how much you can afford
- Get listings fitting your criteria sent to you as they hit the market
Seller Advice
Extremely low inventory is enabling sellers to get more for their homes than they ever would have guessed. If you anticipate a need to sell over the next year or two, now may be the time to do it – especially if you’re a move up buyer to take advantage of all time low mortgage rates and future price increases on a newer larger home. Start by getting an accurate appraisal of your home’s current market value and learning how to properly prepare your home for sale.
Our Boston condo seller class is also a great way to learn HOW to sell your home.
