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A new survey of Redfin agents finds that Greater Boston’s housing market could be the most competitive in the country, at least by one measure.

Only 11.1 percent of Boston-area sales involving a Redfin agent on the buyer or seller side included a concession from the seller during the fall housing sales market in August, September and October. That’s down from 12.6 percent during the same time frame last year at a time when the combined figure for all the housing markets Redfin is active in sat at 35 percent during the fall market – less than a single percentage point down from the same time in 2022.

Mortgage rates rose steadily to some of the highest rates in decades in recent months, sapping buyers from local markets everywhere. Nationally, September saw around 53,000 home-purchase contracts cancelled, Redfin said.

Salt Lake City (63.3 percent of sales involving a concession), San Diego (60.9 percent), Denver (56.6 percent), Las Vegas (54.3 percent) and Raleigh, North Carolina (51.4 percent) saw the highest shares of concessions among home sales.

Boston was joined in the ranks of the five markets with the least concessions by Silicon Valley (14.4 percent), New York City (14.5 percent), Philadelphia (15.7 percent) and Chicago (19 percent).

The Greater Boston Association of Realtors reported Tuesday that within its territory – the region’s urban core plus much of MetroWest, but not covering the North or South shores – new single-family listings were down 11 percent year-over-year while new condominium listings were essentially flat on the same basis. Total active single-family inventory was down 19.5 percent year-over-year in October, to 1,395 homes, while active condo inventory was down 10.5 percent on the same basis, to 1,871 units.

“As we approach the holiday season we expect sales to naturally slow, and that will allow buyers a little more opportunity to negotiate, but with listings at a premium it will still feel quite competitive to those in the market,” 2023 GBAR President Alison Socha, a Realtor at Leading Edge Real Estate in Melrose, said in a statement.

Boston Home Sellers Offer Fewest Concessions in Nation

by James Sanna time to read: 1 min
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