South Boston Update - First Quarter 2012

The first quarter of 2012 has come to a close and we are ahead of the game when comparing the South Boston market to last year! The biggest story so far for 2012 has been the decrease in seller's coming to the market and the increase in buyer activity. If this keeps up then it will be sure an interesting year for South Boston real estate with sales prices most likely trending up!

The South Boston market has seen nearly a 32% decrease in seller activity from 224 homes for sale at the end of March 2011 and 153 homes at the end of March 2012. We have seen an increase in homes that have gone under agreement by 28% and an increase of nearly 18% in properties that have sold in the first quarter of 2012. 

Comparing the average sale price of $375,901 in the first quarter of 2011 to $415,674 in the first quarter of 2012 which is nearly a 10% increase! Not only are property values in South Boston going UP, but seller's are also getting more of their asking price in the first quarter of 2012 with an average of 97.15% of their asking price. 

The South Boston Real Estate market continues to be very tight with 5.23 months’ worth of inventory currently on the market using a 4 months moving average. An inventory number below 6 months signals a seller's market with anything over 6 month's signaling a buyer's market. The number of 5.23 months signals that this is a seller’s market in South Boston. 

Should you be thinking about buying or selling a home in South Boston then give Jeffrey Chubb, owner of RE/MAX SELECT a call at 617-480-2600. You can also contact him by email at Jeff@MoveWithChubb.com. He is ranked the #1 RE/MAX Agent in Boston and one of the top 10 RE/MAX Agents in all of New England. Rest assured that you are in good hands when working with Jeff when buying or selling a South Boston home.

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