Boston might have been recently named the '4th Worst Weather City in the US' by folks over at Zillow, but don't let that fool you: buyers are still in hot pursuit of your property. You read that right. Despite the more than eight feet of snow in the streets, Boston's real estate market is still going strong, closing sales and even putting offers these past few weeks.
Surprised? Don't be. That's because buyers, investors, and everyone else who's on the prowl for property these days obviously don't just look at weather when making their purchase decision - there are multiple factors that impact a buyer's course of action - and surely weather is just one of them. The point being, bad weather doesn't automatically equate to a poor real estate market. In fact, amongst the 25 major metropolitan cities that Zillow surveyed, Boston ranked 4th worst and is the only one on the 'Top 5' thats' due to cold weather - all others belong to the list due to their "extremely warm summers". "Good Weather" was then defined as an aggregate number of dry days with no rain or snow, as well as having temperatures from 55 to 75 Fahrenheit.
Boston, according to the study, has only 73.6 "pleasant days" in a year, 126 rain or snow days, as well as 97.7 days of below-zero temperatures and 12.5 days of sweltering 90 degree summer days. Making up for these facts however, is Boston's strong tech, education, and biomedical industries and the jobs they help, create that nourish the city's real estate appetite.
THE TOP 10 WINTER WINNERS, SNOW OR NO SNOW
To give everyone a level property playing field, we've taken a look at historical trends to find out if the Boston real estate market does get affected by severely strong fluctuations in weather. Our findings? A definite no.
If you look at the areas most affected by the recent winter onslaught of snow, the property values, median price, as well as absolute sales numbers, have clearly stayed strong. Extremely strong, in fact - with the least growth pegged at 23 percent for Winchester. That means properties are still almost a fourth above their 2005 price levels, 10 years post. Clearly, even if there have been indications of worrisome weather, buyers are still opting to go with their gut that Boston is a great place to invest, and we won't argue that.
We will however argue, that if you have a property that you're thinking of putting on the market - or just plainly looking what you can get so you can move to a winter-free home - now is the time to really give it a good thought. Property prices, like the piled up snow, might get diluted once inventory is back up again, leaving you with no escape from winter wonderland.