Downtown Boston properties remain strong in slow housing market
Real estate in Boston, MA, has begun to attract a larger crowd in May 2012. The downtown Boston condo and single-family home markets continue to outshine other areas with median prices for condos and single-family properties remaining strong. However, inventory levels in the Back Bay and South End neighborhoods are low at 930 listings, which is a 31.7 percent drop from the same time last year, Joe Wolvek wrote on his local real estate blog.
In addition, 2012 has experienced a 10.3 percent increase in the number of properties that have gone under agreement, the source reports. So far this year, approximately 808 homes have been sold in the downtown Boston area, and in the high-end market, sales have also skyrocketed. Luxury property sales priced over $1 million have increased by 6.9 percent, from 130 to 139 on a year-over-year basis, according to the source.
When you begin your search for a Boston-based property, consider investing in a condo or single-family home in the Back Bay or South End area. These communities continue to outpace the rest of the city in growth and stability, so getting in while prices are low, may prove to be a financially sound decision long term.