How Did All That Snow Impact Boston Real Estate?

What a winter! As the sun shines in Boston in May, we can look back on those snowy days and be glad we are through them. In looking at the real estate stats from those snowy months, we can see some interesting impacts that the snow had for the market.

• The condo market in Boston saw a decrease of 23.5% from last year in closed sales.
• The condo market also saw a 18.3% reduction in inventory of homes for sale from the year before.
• The Boston single family market wasn’t hit quite as hard with a bit less than 10% reduction in closed sales for the month – still a significant number, though.
• Days on market until sale remained fairly consistent for condos at 57, compared to 58 the year before.
• And the average price for a condo in the market saw an increase to $417,500.

Sounds a bit disheartening, right? Even though the snow made an impact on buyers getting out there to look at homes in the market during the snow, we have seen a HUGE amount of people coming out of the woodwork to view homes over the past few weeks. We are meeting with sellers who are getting their homes ready to sell and more listings on coming online every day.

Plus, when you look at neighborhood specific data at the core of Boston, the data doesn’t seem so dismal. Take a look at some of these numbers:

• Back Bay saw a 21.6% INCREASE in median price compared to the previous year for April.
• Beacon Hill saw a decrease of almost 20% in for their condo market’s Days on Market.
• And South End saw a 5.7% INCREASE in inventory of homes for sale.

It is important to understand Neighborhood Level Detail for the areas you are considering buying or selling. We combine this data for you in one place to make it super easy and convenient. Download it here.