Low inventory makes Boston property a bit pricier
The national housing market received some promising news in August 2012, as signs of a real estate recovery coast-to-coast helped improve consumer confidence. The latest Federal Reserve Beige Book data further confirmed market growth as stronger price trends were noted. This uptick includes real estate in Boston, which continues to draw attention from domestic and international homebuyers.
"Real estate markets were generally said to be improving," read the report. "On the residential side, all 12 Districts cited increases in home sales, home prices or housing construction."
In the Greater Boston metro area, there is a housing shortage, which has driven values up. According to the Department of Numbers, there were 21,929 home listings in the Hub as of August 27, 2012. This number is down 4.6 percent month-over-month and 21.3 percent year-over-year. Currently, home values in Greater Boston now only 5.4 percent below the all-time high of $539,000 set in 2005, the Boston Globe reports.
Prospective homebuyers who want to relocate to Boston - whether to raise a family or take advantage of new work opportunities - should begin their property search well in advance. The dwindling inventory in the Hub has made it harder to enter a closing successfully, and it may require additional funds to outbid another buyer.