Late Summer and Fall Activity… The Third Quarter continued the trend of the past two quarters to be very strong for the Boston Real Estate Market. Most downtown neighborhoods saw an increase in average prices as well as an increase in the average sale price per square foot. The number of sales across most neighborhoods in the city are noticeably down third quarter this year over third quarter last year, although that has more to do with low inventory levels rather than decreased demand.
Finishing up the Year… Going into the holidays, real estate tends to naturally slowdown. However, we are still seeing multiple offers and low days on market across most segments of the market. Low interest rates have helped contribute to the strong demand.
For Buyers… With limited inventory and lots of competition for properties, this can be a frustrating market for buyers. They must be ready to jump when the right property comes on the market. This includes being pre-approved and having a solid down payment to make sure all of your financing is in order. It’s also more important than ever to have a strong buyer’s agent to guide you through the process and help make your offer stand out from the competition.
Citywide at a Glance:
|The five year price index, or appreciation rate, has been increasing across the board in Boston. Appreciation was fairly level with some slight dips and small increases from 2009 into 2012. However, at the end of 2012 prices really started to jump. Back Bay illustrated this with a 20+ point increase through last quarter.|
|Inventory across all neighborhoods in Boston has been trending way down over the past five years. The jump from 2012 to 2013 was quite noticeable. Since 2013, inventory overall has seen record lows, which has been affecting the number of sales and prices. The South End is one neighborhood in particular that has been battling low inventory as illustrated in the graph above.|