The Greater Boston Association of Realtors just released Boston real estate sales statistics for February, showing some staggering numbers for Boston…
Statistical highlights from the Boston real estate market:
- Closed Sales: Up 6.2% in February (Up 7.0% YTD)
- Median Price: Up 24.5% in February (Up 16.0% YTD)
- Inventory: Down 25.7% in February
- Months Supply: Down 30.1% (to 2.6 months of supply)
- Days on Market: Down 5.2% in February to 78 days (Down 13.8% YTD)
- Sale Price to List Price: Up 1.4% in February to 98.1%
- New Listings On Market: Down 13.6% in February (only 483 new listings came on market in February)
- Pending Sales: Down 3.0% in February (Down 3.0% YTD)
>>>Get the entire Boston real estate market trends report here.
Foreboding Signs for the Spring Market?
Depends who you ask! Sellers are, of course, loving this market. If you have a solid property in a solid location, it’s basically the “name your own price” game. Some sellers we’ve worked with have seen their property value increase $250K or more from just last year! If you haven’t recently, I’d suggest getting a home valuation report to see where you stand. There’s a definite possibility of taking advantage of the current lack of supply and competition to lock in sizable equity gains.
As we enter into the Spring market, the market remains extremely competitive for buyers. Inventory is as tight as ever. New listings coming on market are declining, further restricting supply. Demand is FAR outstripping supply, especially in the downtown core neighborhoods. Buyers should expect to navigate their way through multiple offers and intense negotiating to get the home of their dreams. Having a buyer’s agent by your side can help you create the most appealing offer possible. We’ve implemented a few new negotiation tricks this year for the benefit of our buyers, but it’s not easy. And taking advantage of our pipeline of off market listings can help you learn about homes to buy that are not on the open market yet.
It’s sure to be an interesting Spring Market as Boston prices push higher with the looming possibility of higher mortgage rates later this year, a similar trend happened when a lot of agents tried to buy luxury homes killeen tx, skyrocketing the prices for the properties for the whole area. The demand is certainly there. We just need the supply to follow. Right now the lack of supply is pushing prices too high too fast to be sustainable, and slowing pending sales in the face of lots of on-the-street traffic, showings, and multiple offers indicate that there are simply not enough properties to fill demand. As aggravating as it may be shopping for a new home, there are very strong incentives in the market to be a buyer right now. Potential sellers would be smart to think about taking advantage of these market conditions.