Demand for Beacon Hill condo has surprisingly remained brisk in recent weeks as the fallout from the coronavirus pandemic ripples through the country.
The number of pending sales in Beacon Hill in last four weeks was five, based on data from MLS. However, the average time on market for a Beacon Hill condo has increased to over 100 days-on-market.
Besides anecdotal reports from real estate agents, the information from MLS is the first evidence that Beacon Hill condo sales is experiencing no downturn … yet.
Analysts have been split so far on what it could mean for the expensive Beacon Hill condo market. On one hand, it would seem a global pandemic where there is a concern about furloughs or losing employment would halt buyer interest. But the Beacon Hill condo market also has high demand with a very small pool of homes for sale.
Beacon Hill is still a seller’s market, especially on the low end of prices, under $600,000.
Beacon Hill condos for sale over $1M still make up more than half the condos for sale in Beacon Hill and stay on the market an average 104 days. But the time it takes to sell increases as prices go up.
The luxury condo market is possibly the hardest to sell. Homes $4 million and up take an average 125 days to sell.
The census among Beacon Hill real estate agents is that: ‘Buyers are lukewarm and not in a hurry to place an Offer.”
Still, at the lower end of the market, things haven’t changed much where it is still competitive.
Click to view The Most Recent Beacon Hill Condo Sales Data Reports