Believe it or not, inventory for both single family homes and condos is still far lower than it was pre-pandemic in 2019. There are currently 2,178 condos and 3,769 single family homes on the market in all of Massachusetts compared to 4,007 and 11,729 respectively on the same date in 2019.
Consquently, it may not be surprising to learn that the average sales price for both condos and single family homes in Massachusetts has gone up by 31% and 46% respectively.
But what does this mean for all the buyers, sellers and renters here in Boston?
For existing home owners, the low inventory levels have served to not only protect their equity but add significantly to it. For buyers, it still means it was far better to have bought yesterday than today, especially when you factor in the increased interest rates and how those have diminished purchasing power over the same period of time. For sellers, it means pricing a home correctly and ensuring it presents appropriately is paramount to compelling buyers to make a move now rather than wait for interest rates to come back down. For renters, the lack of inventory has meant potential buyers are sitting on the sideline longer leaving a dirge of rental options as well.
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Average Sale Price
