We’re smack in the middle of the Fall real estate season, one of the two busiest times of the year for buying and selling of Boston luxury condos. (The other is April through June.) Word on the street now is that the market has cooled down.
A month into the Fall, I can say that the market is definitely changing. Though prices seem to be holding up, I’m seeing various shifts in Boston luxury high rise condo buyer behavior. Here’s what my colleagues and I are experiencing:
Prices are flattening. We don’t see the bidding wars of the past. If anything, I’m seeing more price reductions.
Fewer offers on homes that don’t check all the boxes. Buyers are shying away from Boston luxury condos that don’t meet all their criteria.
Some buyers are delaying their purchases. I’ve spoken with one or two prospects who have decided that they’re going to see where the market is in 2019 before they get serious about buying. The consensus is that prices are going to drop because interest rates are on the upswing, among other reasons. The other half of the equation, however, is that we have a very limited supply for the demand. And if prices indeed drop, there will undoubtedly be a bunch of homeowners who will decide to hold off on selling until prices go up.
I’m expecting to see a weak finish to 2018,