For Boston condo buyers and buyer agents serving the Downtown Boston condo market, including the luxury condo market, it probably isn't news that condo sales soared in 2012.
Listing Information Network, or LINK, a Boston-based company that tracks condo sales, provided the data. LINK bases its findings on condo sales in 12 neighborhoods, including the Back Bay, Beacon Hill, South Boston, and the Fenway; however, it omits others sections of the city, such as Allston, Brighton, Roxbury, and Mattapan.
What are the most expensive neighborhoods in Boston? In terms of median price, Midtown stood at $960,000, followed by the Waterfront at $860,838 and the Back Bay at $840,000. Because new construction condominiums typically sell at a premium price, new condo developements in a particular neighborhood can affect median and average prices in that neighbohood. In terms of sales, 147 condos sold in the Back Bay, followed by the South End with 146 condos sold. South Boston came in third with 142 condo sales.
As in many parts of Massachusetts, inventory may be the big story for 2013. Inventory of downtown condos stood at 222 in the fourth quarter, down from 495 for Q4 2011. At the summer 2010 peak, inventory stood at 1,200 units. If more sellers don't list their properties in 2013, the Boston and Massachusetts real estate markets could see a slow down.
"The city’s luxury [condo] market, which slowed significantly in 2009 during the national recession, also is quickly gaining speed," The Boston Globe reported January 31, 2013. "Sales in luxury buildings — which are defined as including full-service amenities such as concierge and valet services — rose by 24.6 percent last year compared with 2011, LINK reported."
The median sale price for luxury boston condos increased to a record $762,500, nearly 6 percent higher than 2011.