Excellent news for Boston is that condominium sales rose in the first quarter when compared with last year. All Boston neighborhoods combined saw an 8% increase in sales from 572 last year to 616 this year. Increased sales meant increased dollar volume in most neighborhoods. South Boston leads the way in percentage increase with a 32% increase from last year to $33M in sales volume. . All Boston neighborhoods combined saw a 5% increase in sales volume from $321M to $338M.
The average sales price for a condo in Back Bay decreased 4% to $1,263K but the number of units sold increased 6% to 72.
On Beacon Hill the average sales price for a condo decreased 10% to $860K but the number of condos sold increased wildly by 30% to 30. Interestingly total days on market decreased by 37% to 114 days versus 180 days last year.
In the South End the number of units sold increased by 21% to 78 condo properties, also a very strong but not surprising increase, given the demand we are seeing in the neighborhood.
As mentioned South Boston saw a 32% increase in sales volume representing 19% increase in sale units. The average sales price increased 8% to $410K from $379K last year. If this were a competition, South Boston takes first place with these numbers… and average days on market decreased by 30% which is yet another indication of the demand for South Boston properties.
In general with sales up everywhere, and inventory still very low, the supply and demand dynamic is firmly in place. We are in the key Spring selling season and inventory is needed to maintain the strong sales pace we have seen so far.