Despite increased interest rates, Boston condo buyers are back in the market MABA MaBuyerAgent FirstTimeHomeBuyers MassachusettsRealEstate

The real estate market is picking up as we head into spring in the Bay State, but that doesn’t mean it hasn’t been a strong condominium market thus far this year. Nick Warren, founder and CEO of Warren Residential, says the market started on a solid note in 2023 and, despite increased interest rates, many buyers have adjusted well and are back on the hunt. And while a precise prediction of how the spring market will perform is not easy, Warren says that based on current activity, it’s expected to remain strong and follow the trend of non-pandemic years.

“We have noticed that certain pockets of the market continue to receive a lot of attention and even multiple offers,” he said. “It has become increasingly clear that pricing a property accurately is more crucial than ever before.” Inventory levels at the end of February were relatively low. There were 642 condominiums for sale compared to 623 a year prior. Overall closed sales were down twenty nine point sixty four percent to 368 from 523 last year. But Warren emphasizes that although closed sales were down, the past two years were outliers due to the pandemic and artificially low-interest rates.

“In fact, in 2019, we had only 378 closed condo sales YTD, so we are right in line with the last ‘normal’ market,” he said. In February, the average Boston condominium sold for $1,097,203, up seven point twenty one percent from last year. Condos are staying on the market an average of fifty nine days, that’s twelve days less than 2022. Total condominium transactions did fall last month, dropping twenty six point seventeen percent to 4,342.

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