Inventory of Boston luxury condos and single family homes is at an all-time low, according to MLSPIN. Low unsold inventory is a key indicator of a stable market, a welcome sign for the city. Our own Waterfront neighborhood proved to be among the strongest in Boston, with a 36% drop in available inventory since the same time last year. Overall, the city’s real estate inventory showed a 17% drop in the same time.
Listings are staying on the market for less time as a result – a 12% drop from last year citywide – and list prices are trending upward, with an aggregate 10% increase since last year. One of the key factors here is a lapse in new construction – during the low point of the recent recession, the proliferation of new residential construction came to a crawl in the heart of town. Now, with demand catching up to supply, new projects to fill the growing need for Boston Waterfront real estate are still a few years from becoming a reality for discriminating buyers.
Whether you are looking to buy or sell a Boston luxury condo, this strong market means that it is more important than ever before to work with an outstanding real estate team. To learn more about these market trends, get a professional evaluation of your property, or tour the finest available Boston luxury apartments, contact the real estate leaders at CL Waterfront Properties today.