As I look back at 2022 it was a good year to sell a Boston condo. Median prices were at record highs. For most of the year interest rates were at historic lows making housing a little more affordable for Boston home buyers.
Now we’re here in 2023. I sense the market is slowly shifting, not as much as other parts of the country. The biggest problem facing 2023 is that the demand for housing is strong but the supply is small. We will see fewer condominiums on the market this year and sales may be lower than last year. Boston condo buyers may want to wait until interest rates or prices go down a bit before diving in. People who buy now with the plan to refinance later are taking a big risk.
I’m pleasantry surprised that daily traffic for this Boston real estate website is up by 25% from December. Now the big unknown will this increase in viewers turn into solid Boston condo sales lead. I’ll keep you posted.