It’s been a challenging winter in the Boston real estate market. But signs abound that indicate a shift for the better.
Take February, for instance—a good barometer for what to expect for the spring market. 84 Boston proper condos sold in February alone. But what’s really amazing 196 condominiums in downtown Boston went under agreement in one month. And the luxury market even picked up speed. In the luxury condo market 35 condominiums sold for more than $1.5M, including several above $5M. Multiple-offer scenarios and all-cash offers were reported by many agents, lending credence to my belief that there is still considerable money coming into the Boston area. Coupled with Amazon moving into the Boston Seaport District this trend can continue into the future.
On the single-family front, 26 single-family and multi-family homes sold last month, which I think indicates a bit of weakness in this segment of the market. Lender restrictions on multi-family units may be contributing toward the slowdown. But it’s clear that the Boston condo category cornered the market in February.
And it looks like March/April may kick some butt, too.
Why spring is a good time to list your property for sale:
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