What’s happening in the Greater Boston real estate market? Here’s my Spring market update…. the real estate market is full of change and surprises.
Hi everybody, it’s Ruth. I wanted to give you a market update on the Spring real estate market. So the word on the street has been that Spring started a little bit late, that things seem a little slower than usual. We now have the statistics to prove to us, that hunch was correct with sales, the number of sales going down overall in the country and the year even, from last May to this May, the number of home sales is down 3%. On the flip side home prices are up 5% so it’s a tight market. We’re seeing the trend going up in prices as well.
Single family, the supply of single family homes though, is starting to inch up. There is more home sellers with single families going up. The condo market though is getting tighter overall. To me this says that we’re looking at very tight market places, very tight real estate options for buyers in metropolitan areas.
What else is going on? Well the interest rate is hovering around 4.5% but with the arms and with the 15 year you can still get a mortgage rate under 4%. So this is not gonna last probably much longer. I think this is a good time to leverage the interest rate. In the meantime, we are going to see a robust Summer. Usually things slow down, especially in Boston, the market slows down during the Summer. I think the Summer is going to be very, very busy. It’s going to be busy right through into the Fall season and into the Winter. Last Winter was very busy in Boston and it’s going to be again this year.
So late start on the market but I think we’re gonna more than make up for it in the latter half of the year. Lock in those interest rates if you’re thinking about buying. This is a great time to figure out what is the best way to secure an inexpensive loan. So if you have any questions, write comments below, text, call me, love to hear from you.