On a positive note, Boston condos still sold even during the peak of the COVID-19 – not at the same rate as non-virus days, but better than what was expected. Downtown Boston condo for sale market saw a rebound of sales late in the second quarter of 2020. The recovery was notable, especially on the high-end luxury condo market.
The second three months of 2020 in Boston real estate saw sales and inventory plummet – thanks to the COVID-19 crisis.
The Boston condo market started off strong. However, all the prospects of a rosy year became clouded in the uncertainly of just how long the coronavirus economic shutdown would last and how much harm would be done to the economy in the process. In June as the COVID Peak rolled down and leveled out, the Boston condo for sale market started to rise again.
During the first half of the second quarter, inventory fell at a time when it would normally trend upwards after the annual winter slumber. Last year, the highpoint of homes for sale came in the second quarter with 554 units on the market.
This year, with the virus crushing the economy – and lives – homes on the market went from a high of 253 in the first quarter to a low of 186 early in the second quarter. According to LINK, the April through June quarter ended with 275 homes available for new owners.
According to LINK, there were 539 condos sold during April, May and June in the neighborhoods covered by Boston Homes. That number is only down by one sale from the first quarter, which is quite remarkable considering all the challenges brought on by the COVID-19 virus. But many of those closings were with homes that went under agreement before Massachusetts shut down in mid-March.
