In a previous post I noted that the January Condominium Sales figures were off significantly from the year before but not in the Back Bay. Looking at two other neighborhoods more closely, we see the following:
In the South End, there were 44 units that Sold in 2007– Avg. Selling Price: $638,744 — Median Selling Price: $585,000 — Avg. $/SF: $551 — Avg. DOM: 117. Not much of a drop off for 2008 where 38 condominiums Sold — Avg. Selling Price: $580,684 — Median Selling Price: $506,000 — Avg. $/SF: $532 — Avg. DOM: 82
But in Jamaica Plain, there was a slow down. There were 37 condominiums that sold in 2007 — Avg. Selling Price: $381,263 — Median Selling Price: $345,000 — Avg. $/SF: $331 — Avg. DOM: 98. In 2008 however there were only 23 units that Sold — Avg. Selling Price: $434,674 — Median Selling Price: $380,000 — Avg. $/SF: $298 — Avg. DOM: 75
Where you really see it is when you lump all of the local neighborhoods and towns together, creating a larger Boston Metropolitan Area. It is this very generalized data that the media often point to when describing the “Boston” market.
Let’s have a look at “Metro Boston” in January 2008, where 296 condos Sold — Avg. Selling Price: $569,517 — Median Selling Price: $395,000 — Avg. $/SF: $518 — Avg. DOM: 96
Back in 2007, there were 403 units Sold in January — Avg. Selling Price: $575,133 — Median Selling Price: $389,000 — Avg. $/SF: $493 — Avg. DOM: 102
Part of the reason for the difference is that there were a large number of new development units that closed in January 2007, 27 units at 2420 Beacon Street, Brookline, 12 units at the Luxury 500 Atlantic Intercontinental, Boston and 14 units at 290 Pleasant Street, Watertown. All of these sales are lumped together in Boston Metro numbers.
Boston Metro areas often included in a summary report are listed below. Some of thee areas continue to hold their value and report strong sales relative to prior years, others not so much. Contact me to learn what is really happening in your particular local market.
Back Bay, Beacon Hill, Brighton, Brookline, Cambridge, Charlestown, Chinatown, Dorchester, East Boston, Fenway, Financial District, Hyde Park, Jamaica Plain, Leather, Mattapan, Midtown, North End, Roslindale, Roxbury, Seaport, South Boston, South End, Theatre District,Waterfront, West End, West Roxbury
