As we close out the first quarter of 2021, Greater Boston is seeing one of the strongest seller’s markets in history. Driven by a lack of single-family home inventory, very low interest rates, and pent-up buyer demand, those looking to change their living situation based on their at-home experiences over the past year are entering a very competitive buyer pool. Single-family inventory remains at historically low levels throughout the region, which is driving multiple offers and higher prices for properties. The inventory of condos in Boston, Cambridge, and Brookline — all markets with a high percentage of condos — remains elevated but is slowly starting to decrease. For buyers, it’s important to work closely with their agent to present themselves as a strong, qualified buyer by getting pre-approved and being ready to pounce on the home of their dreams the moment they see it. Buyers can also benefit from reevaluating their expectations and setting realistic
goals, with the understanding that they may need to look in a lower price point so they have the ability to go beyond the asking price when submitting an offer. For those sellers who have decided that this is their year to sell, the best thing they can do is get their property on the market as soon as possible in order to take advantage of the current environment and maximize the value of their home. Looking ahead to Q2, as vaccination rates rise and businesses reopen, renewed interest in city living will continue and the pace of the market should remain brisk. Record low mortgage rates, pent-up demand, and plenty of choices in the condo market could fuel an early and robust selling season. The challenges of a strong seller’s market in the single-family home category could lead buyers to seek alternatives, such as larger condos and townhouses, or withdraw from the market until additional inventory becomes available.
Looking Back, Looking Ahead
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