Tags: Two reports on the Boston condo market’s end-of-year performance show more units coming onto the market across the city’s hottest neighborhoods. However, this has continued to put a damper on sales prices as well as closed sales as sellers find themselves at odds with a shifting market.
The first report was released Jan. 3 by Berkshire Hathaway HomeServices Warren Residential and compares all of 2018 to the previous year. The other, covering Q4 2018, was produced by Douglas Elliman in conjunction with Miller Samuel and was released Jan. 17.
“From what I can see so far, the [Warren Residential] annual report has confirmed the same trends that we started to identify in the Q3 2018 report: longer days on market, more price reductions, and increased inventory,” Nick Warren of Warren Residential said in a blog post marking the report’s release.
“The toughest thing to gauge is how quickly the gap between seller expectations and the actual market will close.”
As of the last day of 2018, condo sales inventory in Boston was up 38 percent compared to the same time last year, Warren reported. In addition, the report noted a 22 percent spike in the number of listings with price changes throughout 2018
Article From: "Andrew Morrell" Read full article