Tag Archives: average sale price

So… How’s the Market?

The 2012 spring sales market kicked off with a bang and has been going strong all spring! The pent-up demand from buyers searching for a new home or investment, combined with the historic low interest rates (as low as 3.75%), have combined to produce a very strong sellers market here in Boston.

Last year’s spring market was very strong as well with 486 total sales closings taking place between January and the end of May in the neighborhoods of Back Bay, Beacon Hill, South End, Midtown, North End, Waterfront, Fenway, and . However this year during the same period, and in the same neighborhoods, there has been a 19.5% increase which brings the number to 581 condos sold!

The other sales statistics such as number of days on the market, average sale price, and percentage of selling price to listing price has basically remained steady compared to last year. The increases in sales numbers by neighborhood were fairly consistent across the board. The number of condos sold in the Back Bay increased from 131 in the spring of 2011 to 165 this spring. In Beacon Hill the volume increased from 220 up to 237. In the South then the numbers increased from 149 to 184 and in the Fenway sales moved up from 46 to 53. If you would like to check out the details of the sales market comparisons please click on these links for the report.

Sales Jan thru May 2011

Sales Jan thru May 2012

Without a doubt the most alarming price increases have come on the rental market! I am continually shocked each year by the steady increase in rental prices being captured by apartment and investment condominium owners. This year however prices across the board have skyrocketed. Although it has been difficult for owners of some larger units with four or more bedrooms to fill quickly, the rest of the rental market has been leasing incredibly fast! The supply of available apartments for September 1 has been gobbled up quickly by incoming students and medical professionals. Many of the largest universities in Boston have dramatically increased their enrollments but have not yet added additional housing units. Several universities including the Berklee College of Music and Northeastern University, are in the process of constructing new dormitories that should be online in late 2013. Additionally several area hospitals have greatly increased their size by adding new facilities which is also added significantly to the demand for rental housing.