South Boston Market Recap April 2020 |
Posted: February 17, 2021 |
For our April recap, I will not only graph and analyze condominium sales and listings but will also provide a year-to-date (YTD) market review as compared to the same period in 2019 (Year-Over-Year) and a 5-year YTD report. I will continue to focus on the condominiums, not by choice, as 134 of the 146 sales YTD (92%) have been condominiums. I have included market data charts and graphs for Single-family and Multi-family homes. Still, as you'll see below, the sample sizes are too small to gather any trends except that the number of sales for singles and multis are down 57% and 65%, respectively, as compared to 2019. In 2019, YTD, April 30th, there were 14 single-family sales and 17 multi-family sales as opposed to 6 sales for each, in 2020. This substantial decrease is not solely attributed to the pandemic as the shutdown did not take place until March 17th. Accepted offers for this type of housing tend to take longer than the 45-60 days it takes for condominium closings, so missed sales after the shutdown would have closed in May and June, anyway. What's more puzzling is that the interest rate was lower in 2020 than it was for the same period in 2019. The number of condominium sales, YTD, only decreased by 12% from 2019... We expect to see the number of sales for all housing categories to fall even more over the next two months.
I've had a lot of inquiries from both sellers and buyers regarding the state of the real estate market in South Boston. I think the best way to answer these inquiries is to highlight some statistics from the data and graphs for both the month of April and YTD:
My overall take on the South Boston real estate market is that the sky is not falling by any means. Yes, some on the front-end indicators (DOM, Sale Pendings and Days to offer) are trending in the wrong direction, but interest rates are at an all-time low, and median sales prices are up. It may take longer to sell condominiums priced higher than a million. Still, everything else, including single-family and multi-family homes, will move more quickly, especially with the Covid19 shutdown ending soon. If you have any questions about the market or your property value, you call me at 617-203-6462 or email me at [email protected].
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