Condo Sales Stats 2009
Boston.com has just posted a nice simple report on all Boston condo sales for 2009 categorized by neighborhood. The numbers aren’t terribly surprising but they’re important for prospective buyers, so I’ll make some remarks on what the numbers are telling us (for the full table of statistics, click here).
Without a doubt the Back Bay is Boston’s priciest neighborhood, having an average selling price of just over $1 million and a median selling price of just under $700,000, and comes in third place in regard to total sales behind the South End and South Boston respectively. The Back Bay area also saw a dramatic decrease in total number of sales, down 28.7%, and average selling price, down 24%, from 2008.
The Leather District saw the greatest increase in total sales for 2009 with 56, up nearly 50% from 2008, while the Waterfront neighborhood observed the greatest decline, having only 114 total sales in 2009, down almost 50% from 2008. The Waterfront neighborhood, however, was one of the only neighborhoods competing with the Back Bay in price, having an average selling price of $830,000, only to be surpassed by Boston’s Midtown, which had an average selling price of $900,000. These statistics show that the majority of Boston’s luxury real estate market exists in Boston’s Back Bay, Waterfront, and Midtown neighborhoods.
One of the most apparent trends in condo sales from 2008 to 2009 is an overall decrease in average selling price, median selling price, and price per square foot. Nearly every Boston neighborhood saw a decrease in these prices from 2008, with the exception of Boston’s North End, in which the median selling price went up more than 20% and the average selling price went up nearly 5%. Boston’s three priciest neighborhoods, The Back Bay, Waterfront, and Midtown, all witnessed significant decreases in average selling price, all of which went down more than 20% from 2008.
In regard to the market in general, 2008 saw a brief spike in average selling price in September and October of 2008, jumping up to well over $700,000 from just under $500,000, but hasn’t gone above $500,000 since.
For all you statistics buffs out there, there is a much more detailed report, in the form of a one hundred page PDF file, from another Boston real estate blog, 23 Neighborhoods, that you can download and analyze for free here, and for everyone else, just click here to browse our website and talk to an agent who can tell you anything you need to know!