Boston luxury condos: Days on market 2018
According to recently released data from the National Association of Realtors (NAR), the median amount of time a condominium spent on the market hit an all-time low of only three weeks in 2017.
Strong coondo buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012.
The chart below shows the median weeks on the market from 1987 to today.
Here in Boston, we show a similar trend. One example is the Back Bay condo market. In 2016 the average time a condo was on the market reached 66 days. In 2017, that number dropped to 38 days.
Bottom Line
If you are a Boston condo owner who is debating whether or not to list your Boston luxury condo for sale, know that real estate market conditions are primed for a quick turnaround.
For more information on the Boston luxury condo market please call Robert Veek at 617-720-5454.
Updated: 1st Quarter 2018
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