Buyers beware: Homes going fast

If you're shopping for a home this spring, brokers say prepare to see a lot of fellow buyers.

"Open houses are just packed," said agent John O'Connor of Keller Williams, who saw 52 parties come through an open house in Winchester last weekend.

"I see a small increase in inventory this spring, but not nearly enough," said O'Connor. He added that Hub inventory is down about 25.7 percent year-over-year from 2013, and that the median sales price is up 24.5 percent. "We are really seeing the effects of five years of pent-up demand with no new supply."

O'Connor is listing a three-bedroom Cape at 47 Cottage St. in Wellesley for $999,000 this weekend and doesn't expect it to be on the market for long. He recently had seven offers on one Charlestown property, six on another condo and had seven listings go under agreement in one week, all above asking price.

Karen McCormack of McCormack & Scanlan in Jamaica Plain says she's recently seen a big uptick in available JP condos, with 35 listings since mid-March, including 13 in one day last week. She's just listed three three-bedroom condos at 300 Chestnut Ave., ranging from $569,000 to $589,000.

McCormack said properties are still selling very quickly, often under agreement on a Tuesday evening after a weekend open house and two days fielding competing offers. She says buyers are willing to overpay because they've lost out on other properties.

"Buyers are so desperate that they also do risky things such as forgoing home inspections and mortgage contingencies," McCormack said.

Jay Rooney of William Raveis Realty has 50 buyers interested in 11 market-rate condos at Seaport Crossing in South Boston that aren't on the market yet, and says he will sell out the building in less than 30 days after it's listed.

"Young professionals are getting gifts from their families to buy because the rents are so high and mortgage rates are still low," Rooney said. "But it's like a big sale. So many people want to buy that the store runs out of product."

Some people who want to sell but stay in the city are reluctant to put their properties on the market out of fear that they won't find anything they can buy, creating what O'Connor calls a "shadow inventory." And McCormack has been reaching out to potential sellers and offering to sell their properties for big money in private transactions.

"Right now, there's 10 buyers for every condo out there," Rooney said.

O'Connor said buyers in the spring market run the gamut.

"Besides the young professionals, the empty nesters selling big houses are back, young families want to trade up, and there's a slew of foreign buyers, especially from Asia."

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