Condo sales in Downtown Boston* for the first three months of the year are up 38% compared to last year. Across the board, the number of units sold, average price, median price, and price per square foot are all up substantially over 2009:
2009 was a very interesting year in the Boston real estate market. Prior to the release of my 2009 year end Boston condo market report, here's a quick peek at the past year compared to 2008 and 2007:
There has been a lot of positive news out of the real estate market in general lately, especially on a statewide and national level. But things have not been so rosy in downtown Boston....or have they?
I wrote about the Back Bay condo market and what $600,000 could buy you there a few weeks ago, so I figured it would be an interesting proposition to now look at the Beacon Hill condo market (another one of the most expensive neighborhoods for Boston condos). Beacon Hill is slightly less expensive on average than the Back Bay (median condo prices in Beacon Hill are $527,000 vs nearly $608,000 in the Back Bay over the past 3 months). Still not cheap! I guess being one of the most historic and desirable neighborhoods in one of the most expensive cities in the country doesn't exactly equal cheap....but you be the judge as to where you want to live! See below what $600,000 will buy you for a Beacon Hill condo. You can also read more about Beacon Hill in our new neighborhood section of this site.
There's always plenty of news and data released about the sales market (too much at times!), but if you're a renter or a landlord in Boston you may care more about the Boston apartment market instead. So where to turn?
UPDATE (JUNE 11, 2009): If your just finding this post, you may also want to check out the Top 5 highest and lowest priced Boston condos sold in May as well. Thanks for reading!
This is a question that I'm asked time and time again. Buyers come in, reading the news about how it's such a buyer's market out there now, and ask me how much they can negotiate off the price of a condo. My answer (at least in the Downtown Boston condo market) usually comes as a surprise to buyers. Not much, I say - about 3 or 4% from the final asking price (on average, obviously ever property is evaluated independently when negotiating an offer). That also isn't to say the price hasn't already been reduced from it's original price, so the average discount rate from the original price of a condo in Boston is obviously higher. See for yourself:
If you could go back to the year 2000 and buy a condo in Boston, would you? Does it make sense? Are prices up, or down? When was the peak? What's going to happen in the next few years? These are all common questions I've been getting a lot of recently so I want to answer them and produce an ongoing quarterly market analysis to keep you on top of the market. I am still working on a final quarterly report for Q1 2009 (plus the past 9 years or so), but I wanted to provide a little "preview" here first.
Using The Warren Group data, Daigo Fujiwara of the Boston Globe put together this fantastic custom google map displaying all 482 of the foreclosed properties sold in Boston in 2008. Take a look at the map below: