If you have been on the fence during the past few years about whether you should sell your Boston condo, the answer is yes – as in we needed photos yesterday – yes. Extremely low Boston condo inventory has quickly pushed prices to new highs. According to LINK, the median sales price of Boston condos in 2012 jumped 5.69 percent since 2011, coming in at $501,250. The LINK report takes 12 core Boston neighborhoods, such as Back Bay, Beacon Hill and South Boston into account, but excludes areas such as Allston, Brighton, Roxbury and Mattapan. According to the report, the Boston luxury condo market (full-service buildings) led the trend, with the 2012 median price of $762,500 coming in a full 6 percent higher than in 2011.
Many Boston properties are selling with multiple offers before the first open house, or even before being officially listed. Yes, I am aware the national real estate market crumbled during the past few years….but this is Boston. This is a city where the job market is still strong – a city of top-notch universities and hospitals. This is a city where many homeowners didn’t jump on the sub-prime bandwagon and many put 20 percent down and locked low long-term rates when it wasn’t in style. When the national news put fears in the heads of local buyers, many Boston condo sellers decided to either stay in their homes for another few years or become landlords, driving inventory down to the incredibly low levels we see today.
The good news for buyers is that new Boston landlord regulations will go into effect in July 2013, which will probably make many landlords reconsider selling. Developers have taken note of increasing prices and have broken ground on a variety of small scale new developments, particularly in South Boston.
The good news for sellers is that now is an ideal time to take advantage of the low inventory before everyone else takes note. If you are considering selling your Boston condo this year, the time to list it is now, before the wave of spring inventory brings new competition. Please contact us at firstname.lastname@example.org today for a complimentary price analysis of your home.