Most of you are familiar with the basic economic principle of supply and demand. When the demand for a particular item is greater than the supply of that item, the price will surely rise.
This principle couldn’t be more true in the current Boston real estate market. The demand to buy a home is strong and getting stronger while the supply of inventory is well below historic norms.
Buyers are facing a very competitive market in which they are competing with multiple buyers for their dream homes. That is if they are even able to find a home they wish to purchase. With such a shortage of new and active listings, homes that are on the market are being snatched up quickly at top dollar!
In this market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction. Listing your house for sale now will allow you to capitalize on the shortage of homes for sale, which will translate into a better pricing situation.
Bottom Line: You as a potential seller, have a leg up! Consider listing your home.
Here’s January 2017’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
January 2017 Greater Boston Real Estate Market Trends
The Greater Boston housing market saw steady sales and healthy price appreciation along with a continued shortage of supply of homes for sale in January 2017. The condo market sales increased a modest 1 percent last month from 604 condos sold in January 2016 to 610 sold last month. This is the second consecutive month that condo sales have softened slightly, however this total was comfortably above the monthly average of 530 sold condos.The detached single-family home market saw a slight decline in sales in January as 828 homes were sold last month compared to January monthly record-high of 843 last year. This is a 1.8 percent drop; however the 828 homes sold is the second highest total for the month on record. It is the second consecutive month that sales have dropped slightly on a monthly basis.
- January condo sales UP +1.0%
- Median prices UP +12.8% ($500,000)
- Active Listings DOWN -29.1% to 1,218
- Listings added to the market UP +1.8% over last year (829 from 814 in 2016)
- January single-family home sales DOWN -1.5%
- Median prices UP +6.1% ($520,000)
- Active Listings DOWN -36.9% to 1,749
- Listings added to the market DOWN -2.0% over last year (909 from 928 in 2016)
Interested In Specific Neighborhood / Area Real Estate Market Trend Data?
Address: 9 West Broadway #208 Boston MA 02127
Offered At: $600,000
First Open Houses:
Sunday, November 6, 2016 12:00 PM to 1:30 PM
Monday, November 7, 2016 5:30 PM to 7:00 PM
For Property Details Visit: www.9westbroadway208.info
True brick and beam loft in the desirable Court Square Press elevatored building has it all. This 900+/- square foot studio home has high ceilings along with the traditional loft open floor plan great for entertaining with a granite and stainless steel kitchen, hardwood floors and large windows. This unit has in unit washer/dryer, large walk-in closet and garage parking for one car. The full service complex has many amenities including concierge, gym, bicycle storage, a beautifully landscaped center courtyard, media room and great outdoor space with a heated lap pool. The location is a commuters dream with easy access to I-90 & 93 and the MBTA Red Line. Also convenient to many restaurants, Starbucks and Whole Foods.
- Office: 617.394.8648
- Fax: 617.507.5666
- Cell: 617.394.8648