The Boston condo market, like many real estate markets, is cyclical. Its standard cycle is characterized by a spike in activity during the Spring market, a slower Summer season, another burst of increased activity in the Fall, and then a steady close to the year. 2023 followed the same standard cycle, but as you see in the chart above, the number of buyers active in the Spring 2023 market was drastically reduced as compared to 2022. By March, the pending sales were down -41% from the previous year. April and May were down -29% and -20%, respectively. However, by October the number of pending sales was only -3% off the 2022 number, and the year closed with 4Q pending sales almost on par with the number on 2022. This year-end rebound signals the decrease in interest rates has given many buyers resumed confidence.
