Are Condo Prices Falling in Boston?

YOUTUBE
Boston Real Estate Slowdown Coming?

This year has seen the least amount of appreciation for condo sales in Boston from Q1 to Q2 in the past five years. Normally, we witness monumental appreciation during this period, often ranging from $50,000 to $70,000 due to the shift from the slow winter market to the bustling spring market.

👉 Surprising Trends: This year, appreciation has been surprisingly sluggish. From Q1 of 2024 to Q2, the median condo price only increased by $13,000. For context, from Q1 to Q2 of 2023, the median price jumped from $715,000 to $768,000—a difference of $53,000! 📉

👉 Rising Inventory: One factor contributing to this trend is the significant increase in active listings. In Q1 of 2024, there were 1,466 active listings, which surged to almost 2,100 in Q2. This rise in inventory without a corresponding increase in demand suggests a shift towards a more balanced market. 📊

👉 Opportunities for Buyers: While the market is cooling, this could be a golden opportunity for buyers. With more inventory and less competition, you might find better deals, especially if you're flexible with timing. 🏷️

👉 Median Data Insights: We prefer using median data as it provides a clearer picture of the market, avoiding the distortion caused by extreme high or low sales. This data shows the majority trends, helping you make informed decisions. 📈

Stay tuned for more detailed breakdowns by neighborhood in upcoming reports.

HOUSING MARKET
Office-to-Apartment Conversions: A New Hope for Boston Renters?

Hey Boston Renters and Investors…

Are you finding it tough to secure an apartment in the competitive Greater Boston market? You're not alone! With high asking rents and limited availability, the hunt for housing can feel like an uphill battle. But here's some exciting news: developers are setting their sights on converting underperforming office buildings into apartments. 🚀

👉 The Current Market: In June, the median asking rent in metro Boston reached $2,873, a 7.6% increase year-over-year. With 94.9% of apartments occupied and eight prospective renters for every available unit, the market is fiercely competitive. 🏢💰

👉 New Opportunities: To address this, developers like Adam Burns of Boston Pinnacle Properties are taking advantage of a Boston Planning & Development Agency pilot program. This initiative provides incentives to convert office buildings into residential spaces, creating much-needed new apartments. 🛠️🏙️

👉 The First Project: Burns is leading the conversion of 281 Franklin St. into 15 apartments, including three affordable units. This project is part of a broader effort that aims to transform 13 buildings, converting 403,000 square feet of office space into 412 apartments. 🏠

👉 Benefits for All: Office-to-apartment conversions offer numerous advantages:

• Office-Building Owners: Dispose of underperforming assets.

• Developers: Acquire redevelopment opportunities at bargain rates with government incentives.

• Community: Gain new rental housing, revitalizing neighborhoods.

Despite the benefits, these projects are not without challenges. Zoning approvals, financing, and the physical limitations of older office buildings can complicate the process. Unexpected issues during construction can also drive up costs significantly.

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