COVID 19 hasn’t had a tremendous impact on the spring Boston real estate market, thus far. As the coronavirus is neither sending condominium prices down nor sending prices up. The Boston real estate market appears to have a balance of the number of available buyers vs. the number of available homes – so prices are relatively stable in downtown Boston.
What has happened is a massive drop in the number of Boston condos available for sale. Enough time has passed that we now have Boston real estate market numbers to share with you, per neighborhood
Beacon Hill has seen a drop in asking prices, as of the time of this writing, 32 condos are listed for sale, of which 28% had a price reduction.
Charles River Park Condos (West End)
Charles River Park condo market has remained stable. No price reductions and days-on-market is at a low of 32 days.
North End condos for sale had 1 price reduction (16% of inventory). The big take away from the North End, there’s only 6 condos presently on the market.
The Boston Midtown condo market had one of the largest price reductions of all downtown Boston neighborhoods. At the time of this posting there were 40 condos for sale and 40% (16) had reduced their listing asking price.
The Boston Seaport District had one of the lowest number of Boston condo price reductions with only 3, which only makes up 7% on the market.
The Global Real Estate Outlook
According to an excellent article written by Inman news, across the globe listing inventory is down 63% on average for impacted real estate markets. We are seeing the first signs of that in downtown Boston real estate market.
More to come….soon