Greater Boston Real Estate Review 27 MAY 2020
Michael Mahoney, an agent with Century 21 in Boston reviews the real estate market each week and publishes what is happening in the Boston real estate market.
Real Estate in Boston is Really Starting to Move – Look at the Last 7 Days
The biggest issue that still challenges the residential real estate market is the lack of inventory. You could really capitalize on the property you are in now if you were to market it. Not to mention you have been sick of it since you have been in it for 10 weeks. Maybe time for a home search
According to a recent article on Bloomberg “Bidding Wars Are Back in Housing Market Stung by Pandemic”
It’s the surprise of a spring selling season that’s been anything but normal: Buyers returning to the housing market have been battling over the few available properties.
While sales are way down, the lack of inventory has propped up prices and led to bidding wars, even as economic fallout from the pandemic mounts and real estate agents adjust to new public health guidelines that have made it more difficult to market homes.
The rate was even higher in cities like San Francisco, Boston and even Fort Worth, Texas, where more than 60% of properties the company’s clients bid on received multiple offers @tylermarr – Lead Data Scientest for Redfin
What’s Happening In Boston with Bidding Wars
The market dynamics are a shock to some buyers. Kenzo Teves, a 24-year-old business analyst for a pharmaceutical company, decided to start shopping for his first house this spring, because interest rates were so low. He had money saved for a down payment and was secure in his job — factors he thought would help him find a home near Boston.
In late April, he made his first bid on a three-bedroom house in Chelsea, Massachusetts, that was listed for $420,000. The property got six other offers and even bidding $30,000 over the asking price wasn’t enough to cinch the deal.
Curious about what your property would fetch on the open market and perhaps create a bidding war? Check out www.YourEquityFinder.com
April 2020 Market Overview by Greater Boston Real Estate Board
Detached Single-Family Homes
The 893 homes sold in April 2020 was the eighth highest sales volume for the month and a 6.4 percent decrease from the 954 homes sold in April 2019. The median sales price reached a record high for the monthof April at $665,000 which was a 7.3 percent increase from the April 2019 median sales prices of $610,500.
in Greater Boston, and a 15.4 percent decrease in sales from the 872
units sold in April 2019. The median sales price of condos increased
8.6 percent from the April 2019 price of $551,000 to $598,224 this
This month, there were 104 multi-family units sold in Greater Boston,
which reflects a 38.8 percent decrease in sales volume from the 170
multi-family units sold in April 2019.
GREATER BOSTON MONTHLY HOUSING MARKET DATA
As part of our effort to monitor housing market activity in metropolitan Boston, GBAR compiles a monthly data report which provides insight into the current performance and longer-term trends within the residential(detached single-family home and condo) and multi-family housing markets in the GBAR jurisdiction. Within these reports we follow key performance indicators (KPI) of housing market activity on an annual and month-to-month basis.
GBAR April 2020 Reports
April 2020 Greater Boston Real Estate Board Stats
Current Mortgage Rates
For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic. As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated.
If you are considering a move or want to know what kind of equity you have in your home now, check out www.YourEquityFinder.com to get a snapshot of what your property may yield.