As an interested observer of the downtown Boston real estate market I am amazed at the contrast with our Cape market. The urgency and temperment of the Boston market is so different than ours as it is being driven so clearly by inventory levels.
Condo inventory is down in Boston (all neighborhoods combined) by 32% over last year at this time to 954 condos available for sale. Days on market are down 32% too to 69 days on market.
I remember the days of 300+ listings in the South End and Sundays where there were literally 250+ open houses…in the South End alone. Boy are those days over. There are currently 40 condo listings in the South End as of August 15. Sales remain strong and with the average days on market of 44 properties are going on the market and off the market very quickly.
In the Back Bay inventory is down 24% to 91 and days on market are down 43% to 75. There are 91 condos on the market down from 120 last year at this time. It’s interesting that the market value of these fewer condos is $182M, greater than last years total valuation. Average asking prices are higher.
Beacon Hill numbers are astonishing. Inventory is down 29% to 25 condos available on The Hill. Interestingly average days on market are still 131 about the same as last year.
In Charlestown condo inventory for sale is down 50% from last year to 50 condos for sale. Average days on market are down 51% to 45.
Q2 sales numbers were down in most Boston neighborhoods…from -1% in South Boston to -39% on Beacon Hill. It will be interesting to see which neighborhoods have the most resilience when it comes to falling sales numbers when we get out first peak at third quarter reporting at the end of September.