For broker Maggie Gold Seelig, 2019 is off to a busy start. “It’s January 3 and I have a full day of showings,’’ Seelig said.
Seelig, who heads MGS Group Real Estate, observes that her buyer pool is up, but inventory isn’t, especially in the luxury historic neighborhoods in which she specializes. “There’s pent-up demand.’’
Redfin reports that while inventory has been inching up nationwide in the last year, the supply of homes on the market for $2 million or more has fallen 6 percent. But in Boston proper, in the third quarter of 2018, there was a 3 percent increase in $1 million-plus homes for sale.
The number of luxury homes sold in Boston from July to September 2018 increased, too, to the tune of 6 percent over the year before, according to Redfin. That said, homes took longer to sell.
Out of the five properties we highlighted in last year’s installment of this feature, two are still on the market, one sold, one has a pending sale, and one was pulled without changing hands.
While the market remains strong, it is more “price sensitive,’’ said Paul Campano of Keller Williams.
“Before, everything sold, regardless of presentation,’’Campano said. “Now, if a seller doesn’t repaint, stage, etc., it might remain on the market longer and negatively impact the sale price relative to what the cost of improvement would have been.’’
Boston area brokers say that the market feels more balanced, that the pace is normalizing. While multiple-offer scenarios still occur, they seem less common than a couple of years ago.
As such, buyers have more time to consider purchases. “This a good thing; people shouldn’t have to feel rushed,’’ Ricardo Rodriguez, a sales agent with Coldwell Banker, acknowledged.
“We’re seeing reasonable appreciation,’’ Rodriguez added. “People are buying and selling in all price points; things are moving.’’
Seelig deems the Boston market dynamic and exciting. That’s not to say it’s volatile. “I have clients that view buying property in Back Bay and Beacon Hill akin to holding onto gold bars,’’ she said.