Boston apartments: 2.7% movement and 117 days on market—what am I missing?

S

still_brick

First-time buyer
There are more Boston listings, but still not many I would buy. I’m watching apartments priced from $1,140,000 to $1,710,000; the snapshot I have shows a 2.7% downward movement and about 117 days on market.

Negotiated discounts seem to vary sharply by condition. My working theory is that financing costs are creating more of that spread than headline demand. Does that match what others are seeing? Please include the neighbourhood and property type, and say whether you are looking at completed sales or asking prices.
 
Financing may explain part of it, but 117 days can also hide stale or withdrawn stock that returns as a “new” listing. I would not treat the 2.7% figure as meaningful until you separate renovated apartments from those needing work and use tight neighbourhood boundaries.

Also, when are price cuts happening—early, or only after months? Compare recent completed sales with the current new-listing volume, then ask what is motivating each seller. Is your 117-day figure based on continuous market time?
 
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