South End Condo Prices Up 6%

As of 10.31.2011, average condo prices are up 6% year-over-year in the South End, according to MLSPIN. This is stunning figure given the real estate headlines day in and day out in local and national media! This is a very sticky figure that has remained steady for most of the year.

What is behind this figure? The average price of a condo sold year-to-date in the South End is $667K which represents a 6% increase over the average $630K sale price in 2010. Other figures include: a median price of $545K, which represents a 4% increase over last year’s median price of $545K; total number of sales year-to-date of 412, which is 5% lower than in 2010 and the total dollar volume of condo sales is $274M – just about flat with last year.

And most other downtown Boston neighborhoods are maintaining their value as well. Lucky for all of us, Boston remains resilient in this stormy real estate environment. Relative to the rest of the country, Boston still rocks!

In future posts, I will examine these statistics in depth and discuss what they mean now and for the future of our real estate markets.