The spring real estate season is off to a great start for sellers in the Boston area. As of writing, we have 32 condos on the market in Brookline and 29 have gone under contract in the past 30 days. In Brighton, we are seeing a similar situation with 16 condos on market and 16 condos that have gone under contract in the past 30 days.
What does this tell us?
The National Association of Realtors considers a market to be balanced when there are 5 to 7 months of inventory available. As of writing, we’re at 1 month of inventory and therefore, in an extreme seller’s market. Our seasoned agents have found that the situation is even more dire in the hottest zip codes. In 02446, for example, 12 condos are currently on market and 17 have gone under contract in the last 30 days, resulting in an absorption rate of less than 1 month.
So, if you have been thinking about selling your home, but waiting for the right time: here it is! Due to the incredible demand and lack of inventory, multiple offers are the norm. Many buyers are removing contingencies to get an edge over other offers.
On the other hand, buyers should also prepare themselves for this type of competition when making an offer. For those of you considering jumping in, it’s crucial to come up with a game plan that takes these factors into account.