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:
- 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
- Suffolk County single-family and condo prices, sales, rise in January, 2010
- South End condominium prices rise Sept – Oct 2009 vs. Sept – Oct 2008
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Details on new condo listings coming on the market in downtown Boston during the past 24 hours, including this property at 3 Rollins Street #301, South End, Boston, MA.
Details on new condo listings coming on the market in downtown Boston during the past 24 hours, including this property at 7 Concord Square, #2, in the South End, Boston, MA.
Details on new condo listings coming on the market in downtown Boston during the past 24 hours.
Details on new condo listings coming on the market in downtown Boston during the past 24 hours.
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.
Thank you for sharing the facts and figures on Downtown Boston. By looking at the article it seems you have put in a lot of effort and time. Where did you get the data? There are many sources available online that provide you with recent data. One source from where you can get current data on listings of Boston luxury condos for sale is lrgboston.com, which not only shares recent information but will show the users pictures of the properties that are listed on the website.
Thanks again for sharing this well written article and showing the status of Boston Real Estate market.