Like a lot of other real estate activity, the coronavirus pandemic has represented a pause for the luxury condo market in Greater Boston. But there are signs that the pause won’t be a long one.
After a period of adjustment to the new realities of the pandemic, buyers who put off buying upper-end properties will soon be back in the market. Demand will rise, but supply won’t rise as far, because it never has in Boston, whose entitlement and zoning process is protracted. There are not a lot of silver linings in this pandemic, but it has created a surge in the Massachusetts residential market, both in the traditional single-family bedroom communities in Boston, but also in the Cape and islands,
For the moment, that might mean people are looking to live outside the city, but in terms of the ecosystem of Boston residential properties, activity near Boston will ultimately be good for the city market, I don’t look at it as losing people from Boston, but as more liquidity in the market post-pandemic in many Massachusetts communities, there is less than one month inventory of single-family homes.
There are also hints that however much cachet upmarket single-family suburban houses might have for the moment (because it is easier to distance oneself in them), buyers are still interested in luxe urban properties. In June, just one Boston residence listed for over $5M took an offer, while in July, five properties at that price range found buyers