South Boston has traditionally been popular among young professionals due to its abundance in condos and apartments for rent, as well as its accessibility to downtown Boston. It’s also interesting to understand the surrounding conditions of our current listings in relation to the future of South Boston Real Estate.
While the market continues to fluctuate, Mark Strickland of www.bostonrealestateobserver.com notes that the current real estate market trends for the South Boston neighborhood potentially weigh in favor for both the seller and buyer. Strickland defines these advantages as follows:
• Seller Advantage Market – there is currently less than a six (6) month supply of homes for sale
• Buyer Advantage Market – there is currently more than a six (6) month supply of homes for sale
As of January 21st, 2010, all condos priced at or under $499K in South Boston are in a Seller Advantage Market, whereas all other condos are in a Buyer Advantage Market. All multi-families are in a Seller Advantage Market, as are single-family homes priced under $499K. Single-family homes priced between $500K and $749K are in a Buyer Advantage Market.
While this data shouldn’t indicate that there are NO exceptions, it provides a good understanding of where the market is and where you can go from here. Stickland further explains his terminology: “In a Seller Advantage Market, a particular owner may be flexible on price if there are mitigating circumstances such as a pending relocation, or the pre-purchase of another home. Similarly, in a Buyer Advantage Market there are always going to be sellers who are unrealistically inflexible on their price because they are in no hurry to sell, or still unrealistically believe that their home is worth far more than it actually is.” He also recommends hiring a good Marketing Agent or Buyer’s Agent to understand your individual circumstances within the larger context of your neighborhood’s market conditions.
(This data was compiled through a 12-month rolling calendar from December 2008 to December 2009 for condos, multi-family and single-family homes. You can find more information on additional Boston neighborhoods in the full article, here)
Also make sure to check out our selection of available South Boston Apartments!
