Boston real estate thoughts/predictions. Is it too early to make 2023 predictions?
I’d like to begin this post by telling a little story about myself (I’ll keep it short I promise). When I was kid, I was obsessed with astronomy. I had all the books and watched all the Discovery Channel documentaries on black holes and dark matter. But my favorite thing was going into my backyard at night and using my telescope. I’m not telling you this to to say I was some kid prodigy, trust me I wasn’t – if I got a C on my report card my parents were happy. I hardly understood anything about astronomy. Either way, I was hooked.
As I got older, I upgraded to a more advanced telescope and started getting into to the abstract concepts of astronomy. One concept I specifically remember learning about was light. Light itself is so unique and has such odd properties. But the thing about light that really struck me was this – technically, when we look at something like a distant star, we are looking into the past. That concept to this day blows my mind. However, before I get carried away, I want to take a step back and discuss the Boston condo for sale market both the past, present and future.
I remember 2018 and 2019 being fairly flat and a bit of a struggle. Boston condo rates had been in the 3% to 4% range during the 2015-2017 period, and once they got back into the mid-to-high 4s in the summer of 2018, pricing hit the skids. Luckily, rates dropped under 4% in late-2019 which caused us to be optimistic about the selling season of 2020 – and you can see that pricing got off to a good start.
The Pandemic Stall caused a blip in April, 2020, but we recovered and charged into 2021. You could say that local pricing took off like a rocket.
Today sales have slowed because of the higher interest mortgage rates for Boston condos, and it could get worse going into 2023.
While 2020 is winding down and we look forward to next year, I’ve…