The Greater Boston Market continues to stymie buyers and reward sellers who price right. We are seeing a lot of sellers empowered by the market who want to challenge the market with higher prices and it is backfiring on them. We know one of the biggest mistakes sellers make is thinking if they ask for more money, they’ll get more money. Inventory has not stabilized, days on market is increasing and prices are slowly creeping up as exhausted buyers are trying to break in to the market before interest rates go up again,” reports Linda O’Koniewski, CEO of RE/MAX Leading Edge. “Pending sales are up however, as buyers get in before the holidays and winter weather hit. With the election over and interest rates slowly increasing, we’ll be busier this winter than we’ve been in the past.”
November, sales of combined condo and single-family homes in Massachusetts increased +9.8% year-over-year. Inventory remains down -29.6% year-over-year, days on market are also down -23.6%. Median sale prices remain up +5.8% and pending sales are also up +16.8%.