Is this a Boston condo sellers market?
Is this a Boston condo sellers market?
Housing prices in Greater Boston softened last month as annual price appreciation slowed, according to the Greater Boston Association of Realtors (GBAR) November housing report.
That weaker sales activity has led to moderation in selling prices as annual price appreciation slowed to its lowest in five to six months. Month over month, median sale prices fell for the fourth month in a row and for three of the past five months for condos, the report found.
In November, sales of both single-family homes and condos fell to their lowest level for the month in 12 years, while mortgage rates rose to their highest level since 2000 over the fall. Inventory, as has been the story all year, continued to be in short supply.
November single-family home sales fell 13.1%, year over year, with 784 homes sold, compared to 902 homes sold in November 2022, marking the slowest November for single-family home sales since 2010. Month over month home sales fell 3.6% from October. November also marked the 18th month in a row that single-family home sales fell on an annual basis.
Condominium sales also declined, falling 12.7% from a year earlier, with 630 units sold, compared to 722 in November 2022, marking the slowest November for condo sales since 2011. Month-over-month condo sales fell 2.3%. November was also the 24th month in a row condo sales declined on an annual basis.
GBAR president Alison Socha, and an agent with Leading Edge Real Estate in Melrose, said with mortgage rates reaching their highest level in more than 20 years, the inventory of homes and condos for sale is still tight. Inflation and instability in the financial markets has diminished savings rates and created uncertainty about the economy. Many prospective buyers and sellers have either lacked the confidence or buying power to enter the housing market this fall.
“Today’s slower sales pace doesn’t reflect actual demand,…