Condos are selling 46% faster than last year and there are 38% less available for sale.
There are two big numbers that stand out when looking at Boston condo sales through the 2nd quarter. In all Boston neighborhoods combined, days on market have decreased an average 46% in 2013. The number of available condos for sale has decreased 38% to 693 properties for sale from 1,123 at this time last year…and these figures are down from very low 2012 numbers! Condos are selling 46% faster than last year and there are 38% less available for sale. How’s that for a volatile dynamic.
All Boston neighborhoods combined saw a 9% increase in the average sales price of condos to $605K from $553K last year. The total number of condos sold was flat at 2,007 units vs. 2,034 units. This real estate market remains relatively healthy but the continuing decrease in inventory levels is beginning to affect the number of sales.
The Back Bay, saw a 13% increase in average sales price to $1.309M but a 19% decrease in sales from 248 in 2012 to 202 this year. The inventory of available condos for sale dropped 36% to 101 units.
The South End saw a 15% increase in the average sales price to $791K from $691K in 2012, but a 4% decrease in the number of sales to 268. Inventory of condos for sale decreased a whopping 47% to 57 from 107 last year. This will continue to be a factor in market performance going forward.
South Boston saw the largest decrease in inventory in downtown Boston. Available condos for sale dropped 53% to 46 from 98 available for sale last year. The average sales price of a condo increased by 10% to $452K from $410K last year. The number of sales dropped 1% to 245 vs 249.
Inventory remains the problem, but this market is so resilient and so desirable that declining inventory levels are just now beginning to impact sales. We will keep an eye on the very important fall market to see where this trend takes us.