Today’s Boston Globe headline screams of a housing slump. “Massachusetts single-family homes and condominium sales continued to fall in June, a month that is typically one of the busiest of the year for closing real estate transactions, according to industry reports out today.” Really ?
Let’s have a closer look ! The data from LINK tells quite a different story in the Back Bay. When reviewing the 2007 SOLD data from June 1 through today and comparing it to the same time period last year, it is clear that a very different story is being played out.
While the volume was a bit lower and things have taken on average 3 months to sell in 07, property IS moving, especially in the high end market and the average $ / sq ft for the period has actually risen. Just take a look at the 2007 sale of 48 Commonwealth Ave #3. At $1,558/ sq ft, this $3,000,000 unit demonstrates just how healthy our market really is.
June 1st - July 23, 2007
104 Units Sold
Avg. Selling Price: $971,897
Median Selling Price: $655,250
Avg. $/SF: $729
Avg. Days On Market: 90
$1,035/ sq ft $3,558,800 314 Dartmouth St #B 3440 sq ft 3+/3.5
$1,071/ sq ft $2,655,000 1 Charles St S #12A 2479 sq ft 3/3.5
$1,136/ sq ft $2,750,000 1 Charles St S #PH1C 2420 sq ft 3/3.5
$1,558/ sq ft $3,000,000 48 Commonwealth Ave #3 1925 sq ft 2+/2.5
June 1st - July 23, 2006
123 Units Sold
Avg. Selling Price: $768,748
Median Selling Price: $550,000
Avg. $/SF: $712
Avg. Days On Market: 74
$1,000/ sq ft $2,531,000 HERITAGE #504 2531 sq ft 2/2.5 $1,035/ sq ft $1,820,000 1 Charles St S #10D 1758 sq ft 2/2.5
$1,147/ sq ft $750,000 190 Comm Ave #7 654 sq ft 1/1 $1,307/ sq ft $1,935,000 184 Marlborough St #3/4 C 1481 sq ft 2/2 $1,358/ sq ft $2,325,000 BELVEDERE #10C C 1712 sq ft 2/2
