Our founder, Josh Stephens, was featured in Boston Agent Magazine to discuss the current condo market in Boston. The Greater Boston Association of Realtors says that condos sales fell 4% and prices were down 5.8% in April of last year.
Other realtors weighed in on the data points and shared their thoughts on the market. One mentioned the effects of construction in Seaport on the market fluctuation, while the other said they have noticed condos taking longer to sell in the Boston market. Josh calls the fluctuation more of a “balanced market.”
“Sellers and agents alike are starting to get nervous, but overall I think it will ultimately lead to more transactions,” Stephens said. “All the leftover buyers from the past two years are starting to come out of the woodwork and feel more confident in buying at or below list price,” he added, without feeling forced to drop crucial contingencies or pay well over asking. With mortgage rates stabilizing and the economy in good shape, he expects buyer confidence to improve even more.
“Under $1 million, transactions are still up overall. The luxury market is a bit slower, but not in a place anyone should worry about,” Stephens said. “Real estate ebbs and flows. This is nothing more than that.”
——– Boston Agent Magazine