Surprisingly, Boston saw fewer condominium listings receive multiple offers last month, according to a new report from Redfin inc.
The low-fee broker said only 63.7% of offers its agents drafted in the area met with at least 1 competing offer, compared to 71.2% in previous month September.
That made Boston the 13th-most competitive market in Redfin’s October ranking.
The decline is in line with other data pointing to the change of seasonality to the residential Boston real estate market. In pre-covid years, the area typically saw a decline in the intensity of buyer interest as the fall wore on.
However, the share of multiple-offer situations Redfin reported in October 2021 is still elevated above pre-pandemic norms. October 2018, for example, saw 48.6 percent of offers submitted by Boston Redfin agents meet with competition, while September 2019 saw 56.1 percent of such offers meet competition.
Data reported before Thanksgiving by the Massachusetts Association of Realtors(MAR) and The Warren Group, publisher of Banker & Tradesman, suggests buyer demand remains intense, albeit at lower levels than during 2021’s hyperactive spring market, when Redfin reported nearly 80% of offers written by its agents in Boston met with some competition in April and May.
Source:banker & Tradesman, redfin, warren group