The arrival of Fall may mean that the temperatures in Boston are starting to drop, but the real estate market is still white hot. If you were out at open houses this past weekend, you probably noticed they were a bit crowded and let me tell you these weren’t window shoppers. Out of the 141 new listings that have come on the market since 9/1/12 35% are now under-agreement. This is a staggering fact when you think about it. So what’s causing the market to be so aggressive?
Two things, first the fact that there wasn’t enough supply this spring and there are still plenty of buyers left over from them. Second, the fact that supply is still tight. Right now, on average the major neighborhoods in Boston have 1.5 months of housing supply, this is causing buyers to pounce when they see the right property. The fact that interest rates are one again near record lows doesn’t hurt either.
For those that are just starting to look and get their feet wet, if you are thinking about buying in the spring market you may want to start a little earlier see if there is something you like this fall. Prices have been on the rise and most agents expect that trend to continue into the next year. If you have questions on the market or what you need to do to be prepared, feel free to call our office at 617-449-3642.