South Boston Market Update - August 2023
South Boston, MA — Whether you are a buyer or a seller, this information is crucial for making informed decisions in the ever-evolving market. So, let's dive right in!
The South Boston real estate market is buzzing with activity, and if you're considering buying or selling a property in this vibrant neighborhood, you'll want to pay close attention to the latest market data. In this article, we'll break down key metrics that shed light on the current state of the South Boston real estate market.
The Months Supply of Inventory stands at 2.89, indicating the number of months it would take to sell all the available homes on the market if no new listings were added. A lower value suggests a seller's market, where demand outpaces supply. With a relatively low 2.89 months supply, we can confidently say that the market is favoring sellers at the moment.
Over the past year, the inventory of homes available for sale has decreased by more than a quarter, with a significant decrease of -26.46%. Such a sharp decline suggests a tightening market, with fewer options for buyers. Sellers, on the other hand, may have an advantage as competition intensifies.
Homes are spending an average of just 23 days on the market before being sold. This metric is a reflection of the market's pace and can indicate the level of buyer demand. With homes swiftly changing hands, it's clear that buyers need to act quickly and decisively to secure their dream home.
The List to Sold Price Percentage currently stands at an impressive 99.2%. This metric represents the percentage of the listing price that homes are actually sold for. A high percentage indicates that sellers are achieving a substantial portion of their asking price. This can be seen as a positive sign for sellers, as it suggests a market where buyers are willing to meet their price expectations.
The Median Sold Price is a respectable $799,500, representing the middle point of all the home prices sold in the market. With a median sold price of nearly $800,000, it becomes evident that we are dealing with a market where homes are valued at a higher price range.
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This comprehensive report provides even more in-depth insights into the current state of the South Boston real estate market, helping you stay ahead in this ever-evolving landscape. Don't miss out on this valuable resource!