The cornavirus and the update on the Beacon Hill condo market. I know this should come as no surprise, but Beacon Hill condo buyers are staying home. This means a number of things and one thing it doesn’t necessarily mean is a Beacon Hill Real Estate Market Crash. First, and most importantly, we don’t have a surplus of Beacon Hill condos or sale. As of today’s date, we have 37 condominiums for sale. This spring market we have less homes are going live on the Boston real estate multi-listing service (MLS) than in the past. If there are less homes for sale, that will keep the Beacon Hill condo for sale for sale in place (basic supply vs. demand). Of course, whenever there are more homes for sale than buyers, prices go down. More buyers than homes for sale, prices go up. When there is a balance – things stay the same and everything sells at a reasonable pace. The last Boston real estate downturn of 2008-9 had for example, practically low volume of buyers and high inventory. If the market keeps a balance of buyers and sellers, then sale prices will be stable.
Number of Beacon Hill condos for sale: 37
Number of Beacon Hill condos under agreement: 21
Number of Beacon Hill condos sold in the last 30 days: 11
Now is the time for a more scientific and analytical approach for the Beacon Hill condo market, as the physicist Marie Curie said: “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.”
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Click here: Beacon Hill condo sales data last 30 days.