Boston Condo Sales Slide, But Not For Lack of Buyers
Last week, The Boston Globe reported a 15 percent decline in sales in the downtown condo market.
But not for the reasons you might think.
Sales didn’t slow for a lack of buyers. Instead, according to the report, sales in downtown real estate slowed simply because there was less out there to buy.
“Currently, there are very few large condo projects with multiple units listed for sale. That’s in sharp contrast to previous years, when dozens of projects were hitting the market, feeding buyers’ demand for full-service buildings with concierges and underground parking,” writes Kim Blanton in the Globe article.
Condo supply peaked in 2006 at about 1,800 condos. Currently, there are 1,250 properties for sale - roughly the same as in June 2007 - in the 12 neighborhoods tracked by the Listing Information Network, which includes the Back Bay, Beacon Hill, Charlestown, the North End, and the South End.
Interestingly, sales prices are still on the rise. The average price of a Boston condo surged 8 percent, to $697,837, driven by sales of new, more expensive units with luxury amenities, according to LINK.
If you missed the story, read it here.
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