As a Buyer Agent with several clients right now I am literally working all over the Boston metropolitan area. Currently, we’re searching in the South End for garden duplex units with parking, in the Back Bay for 1 bedroom units under $425,000, in Roslindale for 2 bedroom condos, and in West Roxbury and Newton for three bedroom townhouses. What strikes me is just how limited the overall supply is at the moment. Other Realtors in my office are feeling the same thing. My hunch is that the numerous articles about a real estate bubble have intimidated many of the local optional resale buyers and sellers who periodically upgrade their living situation. Have they chosen to wait it out a bit rather than move on to the next condominium this season?
We do have a steady stream of buyers though - empty nesters, medical professionals, financial services, and the pool of first time buyers has not gone away either. The good news is that the fundamentals of a strong real estate economy are certainly still there, particularly in downtown Boston where it is a very local market and lumping it in with other areas just is not an accurate reflection of what is truly going on here.
