Since 2012, homeowners have received incredible appreciation. For those considering selling their Charles River Park condo to move-up or to tap into their equity, now is an ideal time to do so. In addition to being in the end of a seasonal slowdown, over the last few months, the market has been shifting toward balance creating conditions that benefit both buyers and sellers. So, what exactly are these conditions?
MORE BOSTON HIGH RISE CONDO CHOICES FOR BUYERS AND CONTINUED STRONG HOME PRICES FOR SELLERS
In 2019, housing inventory has increased compared to the end of 2018 in the residential market for single-family and condos.Those figures reflect that fewer homes sold in the downtown Boston area in December. For perspective, though, the market has been in the fast lane for several years and is simply shifting to more neutral conditions.
Higher Boston luxury condo inventory will stabilize prices as we enter the 2019 Spring market.
SELLER’S MARKET FOR BOSTON CONDOS FOR PRICED UNDER $1 MILLION
Boston condos for sale priced under $1 million are showing sellers still had control in the bulk of the market. Average length of time was under 2 months. Anything under five months is considered a seller’s market and over six months is a buyer’s market.
BUYER’S MARKET FOR HOME PRICED OVER $1 MILLION
The Boston high rise condo market segment is sitting at 3.5 months of inventory, and the luxury condo market is sitting at 3 months. This is an important indicator as this shows that the ‘luxury market’ (homes priced at $1 million and greater) is still a Sellers market. But day’s on the market are rising.