There has been much discussion of late about just how well the
Real Estate market has been performing in our home city of Boston.
Much of it has to do with the variety of complementary industries
that are also thriving. From our blog post regarding the surge in
the high-tech industry,
to another blog concerning the local banking boom,
to yet a separate blog pointing out the success of our
educational institutions, Boston has a great deal to be proud
of.
How has our housing industry fared so noticeably better over the
past few years since the economic downturn? Much of the reason is
due to the aforementioned realities that the city is currently
experiencing, all leading to the fact that our economy is also
showing vast improvements, which we shared in a past blog post as
well. Taken in an equational sense, all of these factors
consequently have caused there to be a relentless pent-up demand
for property in and around Boston. However, despite this positive
fact, the frequency of properties coming on the market has
decreased, thus resulting in a surplus of inventory. This low
inventory yet high demand is the predicament we find ourselves
facing today.
Is that necessarily a bad thing though? Not if you are a seller,
that is for certain at least. There is such a longing need for
property in the area as consumer confidence has risen to levels
that have not been achieved in recent memory. Looking to specific
areas throughout the city, the South End (which we mentioned in a
recent blog was ranked as Bostons #1 neighborhood) has seen its
housing inventory levels drop 50% from a year ago, this according
to MLS PIN. Primarily, properties in the $500,000-$700,000 range
have been highly sought after, and constantly homes are only on the
market for a few days before they have multiple offers; often
exceeding the original asking price.
Looking to Cambridge, inventory levels are also down as there
are currently 42% less properties on the market than there were a
year ago during this time. For Beacon Hill, there has been a 24%
drop in available housing, and even in the West End of Boston at
the Charles River Park location there are roughly 1,000 total
condominiums although just a mere two of them currently available
for sale. In addition, the West End is perhaps where this lower
inventory has been the most prevalent, at least from the given data
as there is a 63% decrease in the year-over-year statistics.
Looking to the State of Massachusetts as a whole, there is still
14% less inventory than there was during this time in 2011.
Such a drastic change has shocked even the most seasoned of Real
Estate agents such as our own Liz Healey of Gibson Sothebys
International Realty. She was recently interviewed by the Boston
Herald and this gracious honor led her to mimic all of the above as
in the past few months five of her listings had an eventual
accepted offer to purchase within the first few days or in a time
period of about a week. While there have been no multiple offer
situations, all the buyers came in quickly and strong and they were
accepted pretty much within about 24 hours or so, she said. Each
buyer made strong offers that were close to asking price. Overall,
this is evidently becoming one of the best sellers markets across
the nation.
Listing your property with an experienced agent backed by the
superior marketing techniques and global reach of the Sothebys
brand is what our roughly two hundred dedicated agents are prepared
to do for you. In one of the most important decisions you will ever
make in your life, selling a property whether it has been your
lifelong home or just a vacation property is ever so crucial. With
an experienced team and storied history of fifty years of success
in The Greater Boston Area, we at Gibson Sothebys International
Realty are here to put you as our clients first and deliver on our
promise of continuous white glove service and the utmost
professionalism.
More Information: Boston Herald