The first full week of February. Still no snow! Still no inventory.
Once again the story around the table at our business meeting was the 92 condos on the market in the South End. A 22% decrease from last year at the same time. As I have said before, historically inventory is usually at its lowest level in mid winter, but this is a new low. In the $400K price range in the South End there are 15 properties for sale, only 1.75 months supply!
Many of our under agreements were products of multiple offers. Properties that are priced well are selling quickly. Properties that have been on the market for a while are getting a second looks and selling. This is the view from the street.
The real estate outlook is running parallel to the bigger economic picture. There is some momentum to the market, but it needs inventory to fuel a strong spring selling season. The general economic picture is looking a bit more positive too. A few more months of decent employment numbers and we just might be on a roll.
So far this week (it is Thursday) 6 under agreements have come in. Three in the South End, one in South Boston, one in Concord and one in the Leather District, with list prices from $459K to $1,285K. Agents are busy with buyers and sellers, and with temps in the high 40’s and low 50’s this weekend, we should see some great activity. I will give you an update next week.