Navigating Boston Real Estate: Your March 2023 Market Analysis

by Scott Paskerian

As we continue to keep a close eye on Boston's real estate market, we'd like to share the latest trends and insights for March 2023. Understanding these changes is essential in making informed decisions, whether you're planning to buy, sell, or invest in the area.

Experiencing a Dip in Months Supply of Inventory (MSI) As you explore Boston's real estate market, you'll notice that the total housing inventory at the end of March 2023 decreased by 11.42%, leaving just 597 existing homes available for sale. With an average of 198 closed sales per month over the past year, this translates to an unsold inventory index of 3.02 MSI for this period.

Watch Out for Rising Average Sale Prices Keep an eye on those sale prices as they continue to rise! In March 2023, prices increased by 6.43% to $1,338,159, compared to the previous year at $1,257,312.

Quicker Average Days on Market Good news for sellers: homes spent an average of 65.09 days on the market before selling in March 2023, which is 1.48 days or 2.22% less than the same month last year at 66.56 days.

March 2023 Sales Success Shows Promise With average prices on the rise and days on the market decreasing, the Listed versus Closed Ratio finished strong in March 2023. New listings reached 378, a 30.39% drop from the previous year, and closed listings decreased by 24.65% to 162. The Closed versus Listed trends resulted in a 42.9% ratio, an 8.24% upswing from last year's 39.6%. Keep an eye on the decreasing Month's Supply of Inventory (MSI) in the coming months.

In summary, the Boston real estate market is experiencing a slowdown in listings, while average list and sale prices continue to rise. With a slight increase in the months' supply of inventory and a slightly less time spent on the market, it's essential to stay informed and adapt to these market changes.

As always, we're here to provide guidance and support during your real estate journey. Should you have any questions or need assistance, please don't hesitate to reach out.