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!

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Here are some quick market statistics over the past 12 months for South Boston Condos from MLS:

Total Market Volume: $148,968,280

Average Sale Price of a South Boston Condo: $367,823

Median Sale Price of a South Boston Condo: $359,000

Highest Sale Price of a South Boston Condo: $1,150,000

Over the last 5 years or so South Boston has seen a massive move towards renovating and converting triple deckers into luxury condos targeted towards people who want to be close to the city but can’t quite afford the South End or Back Bay.   There has also been a lot of ground-up construction of luxury developments with 50-100-200 units in them which is something completely new for South Boston Real Estate.  This has been providing a more affordable alternative to some of the luxury condo projects in downtown Boston like the Ritz Carlton, Four Seasons, Mandarin Oriental, or 45 Province.

Here are a couple of the luxury projects that Southie has seen be developed over the past few years:

The Macallen:

The Macallen is Boston’s “Greenest” residential luxury condo building.  Units feature great ceiling height, bamboo hardwood floors, large windows, and beautifully designed kitchens and bathrooms.  Click the picture for current listings and more info at the Macallen.

The Allele:

These South Boston lofts feature gorgeous bamboo floors, 10 foot ceilings, and direct access to private terraces and balconies.  For current listing and more info please click the picture!

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