Condos make a comeback as buyers show renewed interest in city life


BOSTON – The pandemic has turned the real estate market upside down. Suddenly the suburbs were hot and interest in city life died down.

But now, condos are making a comeback.

According to the Greater Boston Association of Realtors, the number of condos sold in April increased 60.3% year over year. The 1,220 units that have been agreed have set a record.

The median price of $ 622,100 increased 2.8%.

The number of active registrations, 2,257, represented a jump of 34.6%.

“The statistics are mind-boggling and I’ve been doing it for 25 years,” said Gene Hashkes, real estate agent / broker at William Raveis in Newton.

Hashkes thinks the market is returning to normalization.

“With more people vaccinated, with us going back to work, coming back to life, you are seeing a resurgence in the condominium market.”

First-time homebuyers compete for a limited inventory of single-family homes in the suburbs, often finding themselves further and further from the city and getting less and less for their money.

“This is a great opportunity to buy a condominium,” Hashkes said. “So where you’ve seen house prices rise over the past 12 months, condominiums have only increased since the start of the year.”

Hashkes added that people are looking for good places.

The folks in Kenmore Square told Boston 25 News that they think people feel more comfortable in the city.

“Now that everyone is getting vaccinated, I really feel like there shouldn’t be a problem anymore,” said one woman.

A man added: “I hope people are ready to come back. I think Boston is beautiful.

Daryl Fairweather, PH. D, chief economist at Redfin, believes many people will be ready to return to the city.

“Boston is going to benefit a lot from the end of the pandemic in terms of people wanting to return downtown or wanting to be near colleges again.”

Fairweather believes interest will continue to be strong in single-family homes in the suburbs, especially as many people expect to work from home at least some of the time in the future.

But for others, buying instead of renting is in itself a strong appeal.

“There’s also this wave of millennial homebuyers who, before the pandemic, felt they might not be ready to make a commitment to owning a home, but now a lot of they feel ready and see the value of home ownership, ”said Fairweather.

Hashkes says more of these buyers do the math, they might like what they find in condos today.

“Many first-time homebuyers of the millennium are starting to realize that prices won’t stay at these record highs forever. They’re only going to go up, so the longer you wait, it’s going to keep getting more expensive.

The Greater Boston Association of Realtors actually reported that the total number of condos sold in April exceeded sales of single-family homes. While this is in part related to the renewed interest in condos, it also reflects the limited supply of single-family homes for sale.

RESOURCES:

– Full coverage of local and national coronaviruses here

– Follow us on Facebook and Twitter | Watch Boston 25 NOW

– Download our free apps for your phone and smart TV


About Jermaine Chase

Check Also

Baltimore’s Harbor Point, Once an Industrial Waterfront, Now Home to Sleek Offices, Apartments and Retail – Baltimore Sun

Anyone curious about Baltimore’s former industrial sites might be frustrated by a smelly jumble of …

Leave a Reply

Your email address will not be published.