Here’s to the start of spring! The real estate sales cycle has begun in earnest across the varying Massachusetts cities and towns. Inventory is picking up slightly and we expect even a bit more as we enter April and May. Annually, this is the time of the year with far and away the most activity in terms of both listings and buyer demand.
As we approach the end of the 1st quarter of 2024, here’s how the core downtown markets look year over year for total sales:
South End –
1Q24: 67 sales averaging $1,112/sf
1Q23: 93 sales – averaging $1,094/sf
Back Bay –
1Q24: 41 sales averaging $1,640/sf
1Q23: 68 sales averaging $1,647/sf
Beacon Hill –
1Q24: 16 sales averaging $1,214/sf
1Q23: 24 sales averaging $1,318/sf
Amazingly, sales count is down year over year even after 2023 when the transaction count was down significantly against 2022. Overall, we don’t see material moves in pricing over the last 12 months. We continue to see scenarios and opportunities that buyers can leverage as well as sellers who maintain a very strong hand. This is very much “situational football” in the real estate market… so, despite the recent headlines regarding the value of real estate agents, we’d suggest that the folks who maintain the most acute awareness of market intricacies can save buyers and sellers much more than a few percentage points on an individual deal!
Ping us anytime to engage in a conversation about your specific market of choice!