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Greater Boston Real Estate Market Holding On Despite Coronavirus

Among low listings inventory, social distancing, and an uncertain timetable for the coronavirus pandemic, Torii announces taking on listings to allow for sellers to use Torii’s technology.

Massachusetts Listings Inventory is Low

With only 7,139 current active listings in Massachusetts (including only single family homes), inventory is at the lowest point we’ve seen in years. Condominiums on the market add another 2,903 active listings to bring the total to just over 10,000.

This isn’t a surprise, as inventory in Massachusetts has been low for a while. We have seen low inventory, bidding wars, and multiple offers per property; now, it seems that the numbers of buyers and sellers have both decreased, allowing for fewer bidding wars.

In the state of Massachusetts, 1,405 listings have been removed from active status, from being expired, canceled, or temporarily withdrawn. In the past week, around 367 listings have gone off-market. We would expect that these listings will become available again once normal activity resumes. That is, unless sellers determine that they just can’t wait until the stay-at-home orders lift.

Nationwide Mortgage Applications Fall

Nationally, mortgage applications are down after seeing a record surge in early March. Refinance applications are down as well, according to the same source.

Mortgage rates for a 30-year mortgage are still lower than they were in early 2020.

Torii Still Busy Despite Current Market

Despite the current state of the economy, Torii continues to see active buyers.

It’s too soon to see the full impact of the pandemic on sale prices. We aren’t seeing large price decreases for on-market listings, though. In fact, anecdotally our agents are seeing houses go for asking price – or close to it.

The market has definitely not shifted to a place where buyers can expect to pay well below asking… Sellers are instead seemingly pulling their listings from the market to wait.

Torii Now Accepting Listings

Because of the technology Torii already has in place, we have decided to take on listings to help those sellers who need – or want – to sell right now. Each new listing (in MA or CA) will have a virtual tour available for buyers (with 3D model and floorplans), and virtual staging will be available. For those sellers who do not want to allow foot traffic into their homes, we will make virtual-only showings available.

Torii’s agents in MA and CA have experience representing both buyers and sellers. If you are interested in listing your property with Torii, please reach out.

We’ll be back to update on the state of the real estate market as the national coronavirus disaster continues to unfold. In the meantime, the Torii team is here to help, should you need us! We’re maintaining proper social distancing measures, putting safety first, and using our virtual tools to help our current buyers and future clients, too.