October is historically one of the best times for buyers to make a real estate purchase. Is it any different in 2021? Nick talks about the current stats of the market, looking at inventory, prices, and what the market is currently like for buyers in the Boston area.
October is typically one of the best months for home buyers. Is that true this year as well?
The fall market is generally not quite as strong as the spring market, so the competition should be less as a buyer. However, this fall's data shows that a lot of activity is still happening, so I expect to see scenarios with multiple offers, etc., still.
Does inventory remain scarce throughout Greater Boston?
Yes, compared to this time last year, inventory is down significantly. However, if you look back historically over the past few years, we have more than average (as of September).
As a buyer, this means you have more choice now than any time in the past five years besides in 2020. Note that this inventory is being absorbed very quickly, indicating that we are still in a seller's market.
How have prices changed over the past few months and what do you expect through the end of the year?
Prices have risen throughout 2021, and I would expect this trend to continue through the end of the year. I don't see anything on the horizon that could reverse this trend unless something on a macro level shakes everything up.