The Big Number is 21%. That’s the increase in condo sales year over year at the end of the 3rd quarter, September 30. Combined, all Boston neighborhoods saw a 21% increase in the number of condo sales year to date, a 3% increase in the average price of a condominium sold to $545K, and an 8% increase in the median sales price to $409K. This real estate market is healthy except for the continuing decrease in inventory levels. Inventory levels of available condo’s for sale have fallen 41% to 919 properties for sale versus 1,567 at this time last year.
The Back Bay, saw a 20% increase in sales year to date, but the average price of a condo sold dropped by 2% to $1.120M. The inventory level of condos for sale dropped 53% to 95 condos for sale vs 204 last year.
The South End saw a 13% increase in the number of condo sales to 425 condos sold year to date compared to 377 last year. The average price of a condo sold increased 4% to $690K compared with $665K last year. The inventory of condos for sale decreased 52% from 173 last year to 83 today. This will continue to be a factor in market performance going forward.
South Boston saw a 28% increase in the number of condo sales year to date compared with 360 last year. The average sales price of a condo increased by 9% to $421K compared with $388K last year. South Boston has the largest drop in inventory of all downtown n’hoods down 60% from 196 properties for sale last year to 78 available for sale today.
Inventory remains the problem, but as I have said repeatedly this market is so resilient and so desirable that declining inventory levels have not negatively effected the steady increase in sales and prices. Go figure!