Tag: South End condos

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Why Prices Will Stay High

Good post by Scott about the effects of continued scarce inventory.

 

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Why home prices are likely to stay high

Boston.com Correspondent

Despite talk of the need for new housing, the number of building permits being issued across Massachusetts has yet to rebound to its pre-Great Recession peak.

Building permit slowdown

Developers took out just 1,051 building permits for single-family homes during the first three months of the year, U.S. Census Bureau stats show.

That represents a 16 percent drop from the same period in 2014 and a 65 percent drop from early 2006, when the real estate market was last in boom mode.

New apartment and condo construction is doing somewhat better. Developers took out permits for 2,370 new units, or roughly double the number of single-family homes, according to Census stats.

Yet the number of total housing units is still 33 percent below where it was back in the early months of 2006.

Tough regulations

And the shortage of listings on the market has been widely blamed for pushing up home and condo prices as demand exceeds supply.

“In theory, 2014 should have been better than 2013, but it wasn’t,” said Jeff Rhuda, director of business development at Symes, a home builder in the North Shore. “In theory, you have a recovering economy, but I think 2015 will end up below 2014.”

Tough regulations in towns and neighborhoods across the Boston area are one reason for the slow recovery in housing construction, especially as it relates to single-family homes, builders contend.

“It is going to get worse.” – Jeff Rhuda, director of business development at Symes

It is also especially hard to build new single-family homes within the Route 128 beltway, where the biotech and tech sectors are booming and demand for new homes is the strongest.

A dearth of developable land combined with local restrictions has resulted in a steady decline in home building in the communities closest to Boston.

In fact, teardowns are now the only source of new homes in upscale communities like Needham, Newton, Wellesley, and Weston.

And with no major game changer in the works in terms of efforts to force local communities to open their doors to more housing, the number of homes being built in the Boston area is likely to only continue to fall, Rhuda contends.

“It is going to get worse,” he said.

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Boston’s Record Breaking Development

Great post by Scott at Boston.com

The Numbers Behind Boston’s Record-Breaking Year in Development

Gallery 1

Construction around Boston is in high gear (Pictured here: Milllennium Tower in Downtown Crossing).

By Scott Van Voorhis

Boston.com Correspondent

March 31, 2015 2:53 PM

Boston’s building boom is poised to shift into overdrive over the next few months as two big new tower projects come up for approval at City Hall.

A revised proposal to replace a four-story garage next to the TD Garden with a 46-story residential tower is working its way through the Boston Redevelopment Authority’s vetting process, said Brian Golden, director of the Boston Redevelopment Authority.

And the first of four towers that will replace the Government Center garage eyesore is also moving towards a final approval vote by the BRA’s board, Golden noted.

The progress on the big projects is the latest sign that the handoff of Boston’s development boom to Mayor Marty Walsh has apparently come off without a hitch.

During Walsh’s first year in office in 2014, the Boston Redevelopment Authority gave a green light to 62 projects across the city totaling more than $3 billion.

So far in 2015, City Hall’s development arm has approved another 16 projects, totaling more than $677 million, according to numbers complied by the agency.

“It quite literally has been one of the most active periods for building in Boston’s history.”

All told, 20 million square feet of new development has been green-lit by City Hall over the last few years but have yet to break ground, representing dozens of projects that are coming soon, according to BRA officials.

“That presents a very promising picture about all the projects that are in the pipeline and that will bear fruit in the coming two or three years,” Golden said.

Meanwhile, the amount of new office, lab, residential, and retail space currently under construction has also grown dramatically.

That number has nearly quadrupled to 15.6 million square feet, up from 4.5 million in 2012, according to Nicholas Martin, the BRA’s spokesman.

Projects that have won the blessing of city officials this year include the $290 million Fenway condo and apartment tower, The Point, and an $85 million plan to transform the Chain Forge Building in the Charlestown Navy Yard into a hotel.

“It quite literally has been one of the most active periods for building in Boston’s history,” Martin said.

The numbers also include thousands of new homes, condos, and apartments, with Walsh, like the late Mayor Thomas M. Menino before him, having pledged to make new housing a top priority.

Overall, the Walsh Administration has racked up numbers during its first 15 months in office that appear to match up favorably with Menino’s record — no small matter given Boston’s longest serving mayor’s intense focus on development issues in the city.

Under Walsh, the BRA signed off on plans for 4,158 residential units in 2014, rising to a total of 5,100 if the first three months of 2015 are included.

By comparison, City Hall’s development arm approved 3,898 residential units in 2012 when Menino was mayor. The $3.4 billion in overall development OK’d by the agency that year was on par with the $3 billion under Walsh’s first year.

Behind Boston’s development boom is a diverse economy that is spinning off jobs in a range of sectors, including high-tech, life sciences, and financial services, real estate experts say.

The Hub’s residential, hotel, retail, and office markets are some of the most highly rated in the country when it comes to interest by real estate developers, a new survey by PwC and the Urban Land Institute finds.

There is also pent up demand for new housing amid steady growth in Boston’s population as an eclectic mix of millennials, young families, and empty nesters rediscover urban living.

The big numbers should put to rest early concerns expressed by some in the business community that Walsh might slow down the pace of development in Boston, notes David Begelfer, chief executive of NAIOP Massachusetts, a trade group that represents developers from across the state.

“Things have been moving along,” Begelfer said. “Boston is in boom time right now and it’s not a bubble but a real boom. It is very rational development.”

 

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analytics general info

Sales Rise In Suburbs – Slow Down In Boston

Interesting dynamics in the Boston and metro Boston markets – from Scott at Boston.com.

Sales rise in suburbs, slow down in Boston.

By Scott Van Voorhis

Boston.com Correspondent

 

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Towns and neighborhoods across the Boston area posted big gains in both sales and prices in February, defying a winter that broke snowfall records and left many businesses reeling.

The suburbs led the way. Several communities are actually ahead of last year’s pace when it comes to home sales, according to numbers released by The Warren Group, publisher of Banker & Tradesman.

Cambridge proved as desirable as ever, with both condo and home sales rising markedly, as the median price of a house in the city hit $1.3 million.

Boston was more of a mixed bag; some neighborhoods posted strong numbers, but others all but fell off the map.

Overall, home sales across Massachusetts rose 4 percent in February, with the median single-family home price for the first two months of the year increasing 5 percent to $316,000, according to The Warren Group.

Condo prices rose 1.5 percent to $294,250, even as sales fell by 6 percent.

The Warren numbers, of course, only tell part of the picture, as some represent sales that were initially inked late last year, or in January of this year (before the storms) but which finally closed in February.

“The continued, sustained snowfall has been an incredible challenge for the region’s housing market,” said Dan Breault, EVP/regional director of RE/MAX of New England in a press statement. “Fortunately, spring is just around the corner and with low inventory and rising prices, we anticipate a busy spring season.”

Still, Greater Boston homebuyers proved to be a hardy bunch.

The western suburbs held up especially well, according to The Warren Group’s February housing report.

Framingham, Marlborough, Natick, Franklin, Medfield, Wayland, Lexington, Concord, Wellesley, and Weston all put in strong showings in February.

Sales so far this year are up by double digits in Framingham (20 percent), Franklin (118 percent), Concord (54 percent), Lexington (14 percent), Natick (15 percent), Wellesley (26 percent), and Needham (18 percent).

The dire cold may have made buyers stingier, as selling prices were down in a number of towns. Notable exceptions included Needham, whose median home price soared past $1 million after a 33 percent jump; Lexington, where the median price hit $875,000 after a 7.4 percent increase; and Natick and Framingham, which saw prices go up by 6 percent.

Quincy and Braintree were the stars on the South Shore, with sales for the first two months of the year rising 28 percent and 15 percent respectively. Median prices in both cities stayed just about even, at $360,000 for Quincy and $356,000 for Braintree.

North of Boston, Medford is off to a particularly fast start in 2015, with sales up 6 percent and median price up more than 10 percent, to $440,000. Sales in Reading are up 80 percent, though the median price fell 9 percent to $438,000.

But for Boston and Somerville, the latest home sales numbers for the first two months of the year had more downs than ups.

Somerville home sales plunged 36 percent, with just seven properties changing hands so far this year, while condo sales were down 14 percent. The median price of a condo dropped 6 percent, to $422,000.

In Boston, both condo and home sales were down in several neighborhoods.

South Boston saw home sales rise by a quarter, even as condo sales fell by 10 percent, while Jamaica Plain saw condo sales plunge by 25 percent, even as the median price rose nearly 20 percent to $426,500.

East Boston put in one of the strongest showings in the city, with condo sales up 46 percent for the year and the median price rising 10 percent to $385,000.

Downtown Boston saw condo sales drop by a quarter through the end of February, while the median price edged down 14 percent to $757,500.

Neda Vander Stoep, a broker in the Back Bay office of Coldwell Banker Residential Brokerage. “However, with inventory remaining low and plenty of buyers on the sidelines, properties that came on during the February storms were nonetheless quick to sell.”

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Southie Leads Development Boom

Another great post by Scott.

 

Southie Leads Boston’s Development

 

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Flickr Creative Commons

 

By Scott Van Voorhis

 

 

 

Boston.com Correspondent |

Sure, Back Bay and Downtown Crossing may have all the new towers, but when it comes to overall development activity, South Boston is arguably the epicenter of the city’s development boom.

Southie currently has 42 projects either in the planning or approval stage, under construction, or recently opened. Most feature or include new apartment rentals, townhomes, or condos, according to the Boston Redevelopment Authority’s map of the Hub’s development scene.

The developments range from converted churches to brand spanking new buildings. The luxury West Square development at 320 D Street, which is still under construction, includes 259 apartments and 143 parking spaces.

If you throw in another 22 projects happening in the South Boston Waterfront, including the multibillion-dollar Seaport Square development , the number rises to 64 – three times or more than any other city neighborhood.

Not that super hot neighborhoods like the Back Bay (11 projects) and South End (19 projects), are any slouches either.

Back Bay and neighboring Downtown include plans for the three poshest and tallest towers even built in Boston: one still in the planning in Copley Square, and construction underway at the 61-story Four Seasons Tower and the 60-storyMillennium Tower.

“There has been a big shift in our city,” said Tracy Campion of Campion & Co., the brokerage in charge of the building’s sales. “Back Bay and Beacon Hill are bursting out of their seams.”

Other neighborhoods are also seeing a big surge in development.

East Boston may now be one of the hottest new neighborhoods in terms of big projects outside of South Boston.

A trio of grand waterfront developments is in the works for the neighborhood’s once hardscrabble waterfront, including 400 new apartments and condos at Clippership Wharf.

Charlestown’s real estate market heated up a couple decades ago, much like Eastie’s is doing now. The Charlestown boom continues, with plans for 85 new residential units and public space on the first floor at Pier 5.

Fenway is another neighborhood in the middle of a dramatic transformation, from a gritty student alcove to one of the more exciting places to live in the city.

With building sites scarce in the densely packed neighborhood, developers are pushing to span the Massachusetts Turnpike with ambitious air-rights projects.

Developer John Rosenthal is lining up financing for Fenway Center , a $550 million apartment and retail project proposed for an air-rights platform over the Massachusetts Turnpike by Fenway. Plans for Parcel 7 air-rights include a seven-story residential building and a 22-story residential and office tower.

Near the Hynes Convention Center and the Berklee College of Music, New York-based Peebles Corp. is pushing plans for a $330 million air-rights project at Parcel 13, including 88 condos, a hotel and shops.

Often overlooked, Dorchester now has 20 major projects in the works, including a proposal for for 275 residential units and 143 parking spaces at 25 Morrissey Boulevard by the JFK/UMass T station, while St. Kevin’s redevelopment, now underway, features 80 affordable units.

Brighton has 21, including 1505 Commonwealth Ave., a proposal to convert an office building into 85 residential units. Allston’s 15 projects include a new proposal for 87 apartments, ground floor retail, and 66 parking spaces at 37-43 North Beacon Street.

Meanwhile, Roxbury has 20 big projects in the pipeline, a number that includes 102 residential units in two buildings in the first phase of Bartlett Place , along with 16,839 square feet of commercial space and a garage with 130 spaces. When the build out is complete, the entire development will have 323 residences.

Last but not least, Jamaica Plain has 16 new projects, including The Commons at Forest Hills Station, which calls for 283 new residential units at the former Hughes Oil site. Demolition work began last fall.

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Boston’s Best New Building?

Great post from Curbed.com.  Don’t you just love John Keiths comments on The Troy?  Enjoy!

What Was Greater Boston’s Best New Building of 2014?

by Tom Acitelli

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[315 on A]
Paul McMorrow, Boston Globe op-ed columnist and CommonWealth magazine associate editor: There are so many! The Burnham building on the Filene’s block is obviously the best thing to happen downtown in forever. Sasaki’s Ferdinand building looks incredible and it’s getting private developers to take a look at a neighborhood they’ve been ignoring for decades. ADD Inc.’s 315 A Street manages the neat trick of being on the waterfront without looking like a glass box that snuck in from Houston. The Lawn on D is not technically a building, but it has swings and ping-pong tables and Wi-Fi so it wins everything.
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Lara Gordon, a broker in Cambridge and Somerville: Could it be anything OTHER THAN Millennium Place? Speaking not from an architectural or design perspective, but purely for its contribution to the Downtown Crossing renaissance.

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[Troy Boston]
John A. Keith, a Boston broker: I’d have to go with the Troy, ready for occupancy in early 2015, purely for the huge balls the developer must have, building a 400-unit apartment building across the street from New England’s largest homeless shelter (and a Mobil station) and, literally, in the shadow of an eight-lane interstate highway. I also like the new 100 Pier 4 apartment building in the SBW Seaport neighborhood, also to be delivered (late) 1st Quarter 2015. Perhaps a step up from the existing Waterside Place down the street, 100 Pier 4 is the first building to be completed in the Pier 4 mixed-use development. It has the best views of the new residential buildings in the neighborhood and is the closest (so far) to downtown Boston. Of course, neither of these were completed in 2014, so may not qualify as “Best of 2014”.
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Charles Cherney, a broker in Cambridge and Somerville: If only there were new condo buildings in Cambridge and Somerville.
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Jonathan Berk, real estate attorney, founder of the BuildingBOS blog and member of Boston’s Onein3 Council: My wink goes to Ink; Ink Block by National Development: Ink Block will be opening in the coming few days and will serve not only as it’s own self contained live, play environment but will also spur growth and redevelopment of the Harrison Ave and Washington Street corridors. It will provide the South End the necessary connection between Downtown, South Boston and the South End. Game-changing retail activation (Including a 50,000SF Whole Foods) coupled with a pool, outdoor BBQ’s, grass courtyard will make Ink a catalyst for necessary neighborhood reinvestment and a destination unto itself.
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[Millennium Tower on the Boston skyline; Handel Architects]
Nick Warren, president and CEO of Warren Residential: Millennium Tower … by far. I don’t know if it officially qualifies for 2014 since it currently only has a few floors of concrete and rebar’ but it’s certainly the most exciting. There has never been a building in Boston that has received so much buzz and attention like Millennium Tower has. From their $37.5M PH to the amount of units they put under agreement right out of the gate, it truly stands out against its competition.
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David Bates, a Boston broker and our Bates By the Numbers columnist: 315 on A – the building located in a cool area that is getting cooler. It’s green and sustainable construction. The developers put a lot of thought into the features and amenities, like the best bike storage room in the city, the indoor pet refuse area, the conference rooms, the on-site art. Plus, the rooftop common area is among the best amenities I have seen.

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Q4 Boston…what to expect

 

What David Bates thinks about Q4!

Boston Condos in the Last Bit of 2014: What to Expect

CurbedBoston.com by Tom Acitelli

Here’s the latest installment of Bates By the Numbers, a weekly feature by Boston real estate agent David Bates that drills down into the Hub’s housing market to uncover those trends and people you would not otherwise notice.Follow him on Twitter and check out his ebook, Context: Nine Key Condo Markets, 2.0.

holiday-house_283.jpgIt’s Q4. And while Q4 is packed with holidays, let’s not forget that it’s also chock-full of home sales. Nearly 1,000 Boston condos went under agreement during the fourth quarter of 2013, and sometimes holidays and sales were linked—like last Halloween when 12 Boston condos went under agreement, what a treat. And, on Thanksgiving 2013, twoBoston condos sellers gave thanks as they signed offers with one hand and presumably held drumsticks with the other. Also, while you might have missed the real estate door-buster last Black Friday, four Boston condo buyers didn’t; they put condos under agreement that day.

Even on the night before Christmas, when all through the house, not a creature was stirring, not even a mouse… three Boston condo sellers could be heard countersigning offers. At least that’s what the MLS data shows. Then, on Christmas itself, one Boston condo seller got a present they may not soon forget. It wasn’t an ugly sweater or something to be re-gifted, it was an acceptable sales price, so they wrapped up the paperwork and went on their merry way.

Will Q4 bring joy to Boston-area real estaters in 2014. Why not? There are plenty of reasons to buy this Q4. Interest rates are low; and, for many, new babies and new jobs crank up the home-buying motivation. And let’s not forget that what we often want most in a new year is positive change. Hey, what’s more positive change than a new home? In the last week of 2013, a week where almost nothing of consequence happens for most, 45 Boston condo buyers put units under agreement, guaranteeing their new year would start off on the right foot.

Today’s buyers, who for one reason or another missed the spring market, will note that more Boston condos were available for sale on Oct. 1 than were available for sale on April 1. Additionally, it is highly likely that there will be more Boston condos available on Nov. 1 than were available on May 1. So, if you like selection, put on your condo-buying shoes. Of course, while buyers note more selection, they’ll also note fewer competitors as it’s traditionally a slower time of the sales year—even more reason to buy in Q4 2014.

While there are many reasons to buy this Q4, it would be an injustice not to point out that it can be a great time to sell as well. Last year, 865Boston condo sellers listed their homes for sale in Q4. And, although Q4 is not known for its buyer quantity, it might be remembered for its buyer quality. That’s because the median list price of a Boston condo that went under agreement in December 2013 was $449,000. Heck, the median list price of a Boston condo that went under agreement in April 2013 was only $429,900. Can there be any doubt that holiday décor and wishes for joy, peace and goodwill toward all adds to home values?
· Our Bates By the Numbers archive [Curbed Boston]

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Three Boston Neighborhoods With A September To Remember

 

An interesting post from Curbed.com.

 

Three Hub Condo Markets Have a September to Remember

Thursday, October 16, 2014, by Tom Acitelli
Here’s the latest installment of Bates By the Numbers, a weekly feature by Boston real estate agent David Bates.

up-arrow.jpgIf September was the month that you were supposed to put down the home sale and pick up the homework, then nobody told the Cambridge, Somerville and South End condominium markets. In Cambridge, the number of condominiums that went under agreement in September 2014 was 53 percent greater than did so in September 2013. In the South End, September under-agreements were up 64 percent. And versus September 2013, Somerville’s under agreements were up 18 percent and the median list price of Somerville under-agreements was up an impressive 20 percent.

These significant sales gains were in sharp contrast to the weak and somewhat flat results of many other Hub condo markets. In Back Bay, 17 percent fewer condominiums went under agreement in September 2014 than in September 2013. And, in Charlestown, September under-agreements were off 29 percent compared with the year before.

What was the leading indicator of how a market fared in 2014 versus 2013? Inventory, of course. In Cambridge, 40 percent more listings came to market this September versus last. The South End listed 20 percent more condos than it did in September 2013. In contrast, the Back Bay (-23 percent) and Charlestown (-23 percent) markets had significantly fewer condominium listings come to market than they had last September.

The increase in for-sale inventory and the advantageous market conditions combined to make this the best September for Cambridge pending sales since 2007. As well, according to MLS, data it was the best South End September for pending sales in at least as long. In Somerville, where nearly three times as many condominiums went under agreement as did in September 2011, it might have been the best ever September.

Will the uptick in pending sales continue in these key Hub markets for the rest of the year? It will depend on the amount of sale-able inventory that comes to market.
· Our Bates By the Numbers archive [Curbed Boston]

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Five Trends – Boston Real Estate

Tom Acitelli does a great job outlining issues effecting the Boston market in this post on curbedboston.com.

The Five Trends Dominating Boston Real Estate Right Now

Monday, August 25, 2014, by Tom Acitelli
curbedboston.com

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[Photo by Bill Damon via Flickr]

It’s a deceptively simple question: What’s driving Boston’s housing market, both the rental and for-sale sides, right this second? The short answer is low supply and high demand. There’s more to it, though. Thus! We run down the five trends driving the city’s residential real estate. And we also offer a prediction for 2015 and beyond. Hold us to it. For now, the first of the five trends…

Low Inventory
Our numbers guru David Bates was the first to the party on this trend and has stayed with it ever since. Basically, there are way too few condos and single-family homes to satiate demand in Boston. Moreover, there is relatively little on the for-sale horizon development-wise. Also! The city’s poor planning over the last several decades hasn’t helped matters nor has Boston’s legendary aversion to height and density in its downtown areas.

Lots of New Luxury Apartments
There is a silver lining in the storm cloud that is Boston’s dearth of new for-sale development, and it comes at the expense of its luxury apartment market. In short, there are a lot of luxury apartments going up in the city, maybe too many. It’s taking some new complexes a long time and all sorts of tenant sweeteners to fill their units. Some luxury rental towers, then, have pivoted to condos, opening up that much more for-sale inventory.

Bidding Wars
Still, what little new condo development there is in Boston is not nearly enough to satisfy that demand. (And, frankly, this holds true for the rental development as well.) So those in the market for condos in particular often show up at open houses with garbage bags full of cash or some other ready financing, prepared to go above and beyond what sellers want. Yes, bidding wars are a common feature of many condo sales across the city; perhaps even most. These bidding wars lead tosuper-fast sales and to our next trend.

Over-Asks
The redoubtable Mr. Bates has also been all over this one: Lots of Boston buyers offering lots over what condos (and single-families) are asking. It’s not only that this over-ask trend drives up prices that much more; it’s that the, um, coverage of such over-asks drives up the hype and hysteria surrounding the Boston housing market. The vibrancy of Boston real estate is a very real thing, don’t get us wrong; we just wonder how much of it is a self-perpetuating cycle and how much is really the invisible hand doing its thing.

Tougher Lending
Even though mortgage rates remain cartoonishly low, lending terms remain tougher than they were before the last bubble burst in 2007 and 2008. Simply put, it’s harder to get a home loan; and harder to get one on terms that will allow for victory in a Boston bidding war. This keeps more Bostonians in the rental market, which, in turn, dries up the inventory in that real estate sector; which, in turn, ensures that rents escalate along with sales prices. Vicious cycle, this.

But! The Federal Reserve has signaled a gradual rise in rates through 2015. This will make it more expensive to borrow money for a mortgage, which could dampen the fervor of Boston buyers (of U.S. buyers in general). That will mean fewer bidding wars, fewer over-asks, more tenants instead of owners (sorry, apartment-hunters), and, ultimately, fewer sellers, as homes are taken off the market or never put on in the first place as prices come down amid this flagging demand. Or at least that’s the scenario. Starting next year.

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Middle Market Towns Back

 

Interesting Boston.com post by Scott.

Middle Market Towns Hot

Posted by Scott Van Voorhis June 2, 2014

The spring market has been particularly choppy this year. Sales have stalled amid a shortage of listings that has left many buyers fuming. The up today, down tomorrow economy hasn’t help things much either.

And it has been an increasingly uneven real estate market as well. A few towns and neighborhoods are super hot, with double digit increases in sales and prices. By contrast, many other communities are seeing a falloff in either sales or prices, and, in some cases, both.

Not hot right now are a growing number of the more affluent suburbs, such as Hingham and Carlisle, which have seen both prices and sales fall off this spring.

Ditto for low income cities and urban neighborhoods, which, after starting to rebound after hitting bottom during the Great Recession, are starting to see prices deflate again.

But the middle market towns out there right now are the hot ones, posting big increases in both sales and prices this spring, according to April numbers recently posted by The Warren Group, publisher of Banker & Tradesman.

Towns seeing the biggest jumps in sales and prices this spring include:

Danvers: Median price rose 18 percent, to $377,500, while sales rose by more than 18 percent;
Dedham: Median price surged to nearly $400,000 – a 20 percent increase – while sales jumped 13 percent;
Barnstable: Median price jumped more than 35 percent, to $469,950, while sales soared nearly 41 percent;
Beverly: Sales up 42 percent while prices increased nearly 12 percent to $369,959;
Milford: Sales rose by more than 41 percent while the median price hit $270,000, an increase of more than 17 percent.
Norwood: Sales increased by more than 46 percent while the median price rose more than 9 percent, to $377,450
Wakefield: Median price jumped to nearly $420,000, or a 13 percent increase, while sales rose by nearly 10 percent;
Waltham: Median price hit $441,000, an increase of 11 percent, while sales jumped more than 17 percent.

 

 

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Q1 Goode and Farmer Report Boston

 

The national real estate pundits are talking about the lack of available inventory and declining sales numbers. These first quarter results for downtown Boston condominium sales tell a different story. The average sales price for condos in downtown Boston neighborhoods increased 21%. Sale were up by 12%. Total sale volume was up by 35%.

The South End and Back Bay neighborhoods reflect the more  standard state of the real estate industry here in eastern MA. Prices are up because of buyer demand, but sales are down and volume is flat – the effect of the critically depressed inventory of available condos for sale.

 

Boston chart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Boston is  standout neighborhood! Average sales price up 20%.  Sales up 41%. Volume up 71%…and interestingly enough the only neighborhood with an increase in days on market, a result of additional inventory.

The all important spring market will be very important in determining the state of the real estate market in Boston.