South Boston Market

Recap March 2020

By: Rooney Real Estate

For the March recap, we will, again, only review condominiums as the sample sizes for single-family’s and multi-family’s are too small to gather any trends. In our quarterly report, we will include singles and multis. Also, in the interest of disclosure, the source of our data was from MLS.

Although the Covid-19 state of emergencies were in place for the second half of March, surprisingly, the front-line data, i.e. current listings, pending sales and days on the market, showed very little drop off from the February, 2020 numbers and the year over year numbers from March, 2019.

There were 44 condominiums that closed (real buyers) in March, an increase of 82.6% from the 23 in February, and an increase of 20% from March, 2019. This increase

shows how strong the real estate market was in January and February before the virus. Keep in mind, that there’s a 45-60 day lag time from offer to closing. We do anticipate the April closing numbers to drop-off a bit due to Covid-19 as closing dates are getting extended,

and the number of accepted offers in March was down 7.4% from February. We expect to see the real effect of the virus in the May & June data.

As we mentioned in the

introduction, the number of

closed transactions in March (44)

was an increase of 82.6% from

February. The median sales price

was $848,500 and the median

living space was 1,143 square

feet.

We listed our specific comments for March, 2020, below

each graph.

The overall median price per square foot for the 44 closed transactions in March was $766

and the median living area for those sales was 1,143 SF. This graph shows the median price

per square foot for each price band. This graph will have more meaning in a half-year or

yearly recap when the graph will resemble a reverse step graph.

The median living area for the 44 sales in March was 1,143 SF. This graph breaks down the

median living area for each price band. I’ll put more stock in this graph in the quarterly or

yearly reports when the sample sizes are larger.

There were 50 units that went under agreement in March, a decrease of

7.5% from the 54 in February. This is one of the frontline indicators that we will

be watching closely in April and May.

Days on Market (DOM) is a measurement of the age of a listing(s) in MLS

and can be used a gauge to test the relative strength and direction a

market. The overall DOM in March (46), decreased from 57 in February. The

graph shows the DOM for each price band.

The number of active listings decreased from 87 in February to 80 in March,

an 8% drop-off. We suspect that this was due to both absorption and sellers

declining to list their properties during the pandemic.

The overall month's supply for condos decreased from 1.8 to 1.65 as the the

current listings decreased by 8%. As we have mentioned previously, a

healthy inventory for most markets is 4-6 month's supply.

Contact Us

For More Detail:

Contact Person: Jackie Rooney

Phone: 617-203-6462

Email: jackie@rooney-re.com

Website: https://www.rooney-re.com

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