It’s no secret that the East Boston housing market is booming! Many residents who have lived here for quite a while have noticed their neighborhood changing. It seems like there is new construction on every corner of the city. Many of your traditional multi family properties are being converted into new condo’s. So what does this mean for you if you own a condo that isn’t one of the brand new ones?
The law of supply and demand states that generally, low supply and high demand result in an increase in price. On the other hand, the greater the supply and the lower demand, the price tends to fall. According to MLS, 259 condominiums sold on the market in 2018 in East Boston! As of today, February 21,2019, there are 48 Active condominiums on the market, 35 under agreement and 17 sold. Additionally, there are more being built and coming to the market within the coming years. If you are a long time East Boston resident who is considering selling, now might be the best time before the market becomes flooded with even more inventory and the value of your condominium continues to decrease.
If you or anyone you know are considering selling or buying in the East Boston market, reach out to us today to have a conversation about the market and the value of your property.