This weekend, Boston finally welcomed spring weather in the city. Temperatures have finally spiked up, and both house hunters as well as home sellers sparked up the ever-so-busy spring real estate season.
On that note, we've compiled data on how fast you should be heading to open houses - particularly for condominium units, as more and more buyers are hustling after their winter hibernation. Sellers are keen to go to market, too, albeit not enough to replenish inventory levels from a year ago.
Between the period of January 1 to April 12, there were 859 condominium units sold in 2014, a significantly higher figure that this year's 719. That's enough reason right there to list your unit now, as buyers' demands are apparently up by 18 percent this year compared to 2014. Buyer demand, which is measured by the number of offers, open house visits, and general inquiries received by listings actively on the market, is a strong indication of the pace of the selling season to come.
Currently, 2015 is slightly trailing the previous year in terms of how fast units are being sold. In the same period last year, 325 condo units were sold in under a week; this year during the same period, only 251 saw titles exchange hands. This figure however, is not reflective of a "slowdown" in the selling market, but more a confirmation of the inevitable low inventory conditions the city is currently experiencing.
The graph details the sweet spot for how long sellers should expect their units to fly off the shelves. In essence, condo units usually receive their best offers within a week of listing. And if the first quarter of the year is any indication of the pace of property sales this coming spring and summer, sellers who do not receive a "respectable" offer should expect their condominium property to be off the market within a month or so, as the graph tells us.
There are a couple of noteworthy observations from the data compiled from MLS that you can surmise from the graph above, but the most important one is that except for the inventory "shortage", condominium units this year have so far sold at a better pace than last year. That, in a nutshell is what the figures tells us; shorter days to offer are ahead for sellers out there who are going to market with their units. As for buyers? Well, that just means you'll have to rush yourselves to open houses as soon as properties are welcoming guests. Thank goodness then, that spring weather is finally here.