Otis & Ahearn Real Estate Year End Downtown Sales Projections for 2007
Downtown Condominiums Projected 2007 Year End
In summary Downtown Boston condominium market is very tight and the inventory continues to fall. Inventory is trending at 1235 units or 3.8 Months Supply on Projected 2007 Year End.
We will likely see the establishment of 4 new Record Data Points in 2007 based on year to date figures:
$1 million dollar + sales will be the highest ever, approx. 388
$2 million dollar + sales will be the highest ever, approx. 94
$3 million dollar + sales will be the highest ever, approx. 38
We could see a record for Average Price ~ $614,293
Total Absorption YTD of $2,161,695,439 is slightly below the record year of 2005.
Year to date, the number of sales of units that were in excess of $1000 per square foot is near the record set in 2005 where $1000+/sf sales were YTD 80 units verses this year, 2007 where YTD we are at 77 units.
