Greater Boston a pretty tough market for sellers as well
I have written a lot about the challenges facing buyers searching, sometimes in vain, for a reasonably priced home in one of the nation's most overpriced housing markets.
Well it's no picnic for sellers here either. According to a new survey out by Redfin, the success rate for sellers in Suffolk County, which covers Boston and a couple surrounding communities, is shockingly low.
Just over 36 percent of sellers in Boston and across Suffolk County managed to connect with a buyer in 2009, just about the lowest of the seven major metro areas surveyed by Redfin.
Basically, there were just 5,682 sales out of 15,763 listings last year in Suffolk County.
By comparison, San Francisco and Phoenix had seller success rates of 56 percent and 59 percent respectively in 2009.
We are caught up in a cycle here, one that is going to be hard to break out of.
Too many buyers here in Greater Boston are forced to stretch to buy a home, whether it is a Back Bay condo or a single family home in Needham. And when it comes time to sell, the whole pattern repeats itself, this time at an even higher price point.
