Boston Real Estate Market Recap - March 2013 - The Seller's Market Is Here

With the spring Boston real estate market in full swing we're seeing an incredibly low inventory decrease days on market across all property types to an almost historic measure.  Based on MLSPIN Statistics, closings in December of 2012 saw a little over 1/3rd of all properties sold in Boston going under agreement less than 30 days after being listed.  With a modest increase in January and a slightly larger jump in February we've seen an explosion in March as over half of the Boston real estate closings are on properties that were under agreement in under a month.  By rewinding just one calendar year that number is almost cut in half, to 30.1%. 

We in the industry are seeing feeding frenzies for good properties on a weekly basis, with homes routinely coming in thousands and thousands above asking price.  However, amongst some buyers there seems to still be a common misconception that the market has remained a buyer's market like the last few years.  The buyers,for the time being at least, will find out quickly that it is not the case and should consult a local professional for advice in wading through the sea of active buyers circling the next good property.