02/29/2024
We're #1! YAY! ... but is that a good thing? It depends on which side of the market you're on. Affordability and low inventory remain the major issues for home buyers, but if you are a seller--you hold the cards. Take a look at the two charts in the article-- Greater Boston Area Inventory and Greater Boston Median List Price. No surprise that they are inverse of each other -- when inventory is low, prices go up. But the real shocker is this: as of Feb. 16, 2024, the Boston metro area had 1,753 active single-family listings. During the same week in 2020, just prior to the onset of the COVID-19 pandemic, there were 4,537 active single-family listings in the area. That's 2.5X as many houses on the market before COVID, compared to now. Less competition for a home seller is a good thing!
Even when the inventory was more robust in late 2019/early 2020, we saw multiple offer situations on well-priced houses. At that time, the housing inventory was still not enough to keep up with the buyer demand. Now, with less than 1/2 of that inventory, the demand is STILL THERE (despite the interest rates) and prices have continued to rise. Homeowners who are contemplating a move, would be smart to capture the appreciation they have most likely gained on their home, by selling in this market. From what I have seen in 2024, and from what I hear from my Compass colleagues, the spring market is basically here already and its heating up each week.
Want to discuss your situation? DM me or give me a call.
Homebuyers are paying over the asking price, waiving home inspections and doing whatever they need to do to purchase a property.
