A Boston real estate broker takes a deeper look into downtown sales data and sees lower sales volume but stable sales prices, contradicting (accurately) what’s been reported in the press, recently.
From Charlesgate Realty Group Managing Parner Michael DiMella and the 23 Neighborhoods blog:
Boston condo sales activity is way down in 2009 and we haven’t seen the same recent uptick that there’s been in the general Boston real estate market. Lots of Boston buyers and sellers (and developers) are still sitting on the sidelines “waiting this one out”. As the economy improves into 2010, I expect to see more people who have a natural need to buy and sell come back into the market …
That said, there is clearly a lot of “luxury” ($1M+) inventory out there on the market – most of it in the new development buildings like 45 Province, or The W, etc. This is going to take a while to sell, though developers have been mostly averse to dropping prices so declines have not been seen. The strategy so far has been to wait it out. I don’t see any reason that won’t continue to be their strategy – for the most part.
In the non-new development market, we’re still seeing fairly average activity and steady sales prices which I don’t suspect will change much. There may have to be some price reductions to spur more sales in 2010, but not by much.
As I said on Michael’s blog, wouldn’t most people prefer that prices go down (well, except sellers, of course …)? Lower prices would bring more people into the market and stimulate demand (and, money into my pocket). Yet, it doesn’t seem likely, given that it hasn’t happened yet. There is limited supply offsetting limited demand. That’s the status quo.
Not so bad, though, is it?
Click through on the link above for a complete analysis – and graphs! of each downtown Boston neighborhood.
Related posts:
- Condo sales & prices up or flat, depending on source
- Boston condo sales report 2000-2009 released; prices up
- Boston condo and real estate sales report, January 9, 2010
- Dorchester real estate prices rise 26 percent as inventory drops
- South End condominium prices rise Sept – Oct 2009 vs. Sept – Oct 2008
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A complete list of all condo and real estate properties coming on the market during the past five days in the downtown Boston Proper neighborhoods including the South End, Back Bay, Beacon Hill, West End, North End, Waterfront, Seaport District, Leather District, Chinatown and The Fenway.
A complete list of all condo and real estate properties coming on the market during the past five days in the downtown Boston Proper neighborhoods including the South End, Back Bay, Beacon Hill, West End, North End, Waterfront, Seaport District, Leather District, Chinatown and The Fenway.
A complete list of all properties coming on the market during the past four days in the downtown Boston Proper neighborhoods including the South End, Back Bay, Beacon Hill, West End, North End, Waterfront, Seaport District, Leather District, Chinatown and The Fenway.
A complete list of all properties coming on the market during the past five days in the downtown Boston Proper neighborhoods including the South End, Back Bay, Beacon Hill, North End, West End, Waterfront, Seaport District, Leather District, and The Fenway.
A complete list of all properties coming on the market during the past three days in the downtown Boston Proper neighborhoods including the South End, Back Bay, Beacon Hill, West End, North End, Waterfront, Seaport District, Leather District, and The Fenway.
John – thanks for the link! Just as you’re doing on this site, I’m just trying to report the market for what it is. Not necessarily good, or bad, or in between – just what it is.