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Boston tops for home sellers?

Posted by Scott Van Voorhis November 21, 2012 06:49 AM

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Well almost - Boston ranks No. 5 nationally in a new survey of the best cities for home sellers.

Were behind only the usual, high-priced suspects: San Francisco, San Jose, Los Angeles and San Diego, Movoto Real Estate finds.

In fact, the Hub vaulted 16 places in October to claim a spot in the top ten.

But what may be good news for sellers is very bad news for buyers looking for a place in Boston.

The city moved up to No. 5 in Movoto's survey because of a dramatic plunge in inventory.

And fewer homes mean fewer choices for buyers and more upward pressure on buying.

The number of homes on the market in Boston has dropped 37 percent over the past year and 13 percent in October alone.

That means, according to Movoto's count, there are just 1,058 homes on the market in Boston compared to nearly 1,700 in September 2011.

The number of distressed properties, after staying steady at 3 percent for a number of years, has edged down to 2 percent.

Here's a note the other day I received from "Joe," a frustrated buyer looking for a place in Boston.

We've upped our price point to 500k with 20% down and amazingly we still can't find anything that is nice in the higher end towns. I was surprised to see a 2BR with roof deck in the South End come on the market last weekend for $519 and it went under agreement this morning. If there were an influx of 2BR?s in the SE or Back Bay around the 500k mark we'd probably buy and eventually use it as a rental property in 4-5 years but those places just aren't out there.


This blog is not written or edited by Boston.com or the Boston Globe.
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Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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