John A Keith Real Estate - Boston Real Estate » boston condo sales data

Boston neighborhoods show vast improvement in 2nd-quarter condo sales

John Keith — Tue, 27 Jul 2010 20:48:58 +0000

The Warren Group, publisher of Banker & Tradesman newspaper, is out with data covering 2nd-quarter condo sales in many of the neighborhoods of Boston.

The downtown Boston real estate market showed a vast improvement from 2nd-quarter 2009, presumably due to the pending expiration of the federal income tax credit program and a local economy that is stable if not yet improved. (“Boston” includes the North End, Waterfront, Beacon Hill, Back Bay, South End, Chinatown, and The Fenway neighborhoods.)

Data below is: 2009 – 2010 – percent increase / decrease

Boston

June Sales	176	209	18.75%
YTD Sales	611	764	25.04%
June Median Price	502500	499000	-0.70%
YTD Median Price	500000	560000	12.00%

Meanwhile, in other major neighborhoods of Boston, condo sales volume improved as did the average sales price of a condo but median condo prices either stagnated or dropped, reflecting, perhaps, more activity on the lower end of the market.

Dorchester saw an impressive increase in median sales price, perhaps due to stronger demand for condos facing or in foreclosure or for resales of these properties.

Allston

June Sales	13	17	30.77%
YTD Sales	58	54	-6.90%
June Median Price	250000	285000	14.00%
YTD Median Price	286000	251000	-12.24%

Brighton

June Sales	24	58	141.67%
YTD Sales	85	174	104.71%
June Median Price	257500	242000	-6.02%
YTD Median Price	230000	260000	13.04%

Charlestown

June Sales	28	47	67.86%
YTD Sales	90	153	70.00%
June Median Price	488750	420000	-14.07%
YTD Median Price	428000	420000	-1.87%

Dorchester

June Sales	45	52	15.56%
YTD Sales	271	298	9.96%
June Median Price	190000	196000	3.16%
YTD Median Price	112000	143000	27.68%

East Boston

June Sales	8	9	12.50%
YTD Sales	42	37	-11.90%
June Median Price	228750	246500	7.76%
YTD Median Price	197500	229000	15.95%

Jamaica Plain

June Sales	61	68	11.48%
YTD Sales	151	211	39.74%
June Median Price	360000	328700	-8.69%
YTD Median Price	344000	319250	-7.19%

Roxbury

June Sales	25	33	32.00%
YTD Sales	107	118	10.28%
June Median Price	435000	412500	-5.17%
YTD Median Price	316500	387500	22.43%

South Boston

June Sales	61	94	54.10%
YTD Sales	222	331	49.10%
June Median Price	397000	375500	-5.42%
YTD Median Price	360750	355000	-1.59%

Data courtesy of The Warren Group – many thanks.

45 Province has 21st closing in 138-unit building

John Keith — Tue, 27 Jul 2010 15:02:11 +0000

The 21st closing at the recently completed 45 Province has been recorded at the Suffolk County Registry of Deeds. The 138-unit building is now 15 percent sold out.

The sale was a 26th-floor, two-bedroom, two-bathroom home with approximately 2029 square feet of space. The price was $2,175,000 and included one deeded parking space.

45 Province is Boston’s most vibrant and elegant urban community. Its ew boutique residences, located in the heart of downtown, offer amenities including 24/7 concierge, valet parking, 4 season heated pool, fitness center, Exhale spa treatment studio, private dining room / chef’s catering kitchen, fireside library lounge, theater screening room, and rooftop patio.

45 Province is just steps to theaters, dining, public transportation & shopping!

Boston real estate and condo sales report for the week ending July 24, 2010

John Keith — Sat, 24 Jul 2010 11:30:49 +0000

How strange. I’m just now realizing I haven’t updated this in almost a month!

The following is Boston Proper condo and real estate sales data for the 30 days ending July 24, 2010 (June 19, 2010) (and June 26, 2009, where possible).

Number of units currently on the market: 996 (1,084) (N/A)
Average days on market: 134 (121) (N/A)
Median list price: $629,000 ($629,000) (N/A)
Average list price: $1,017,231 ($993,003) (N/A)
Price changes: 198, -2.03%, -$14,590.33 (259, -4.85%, -$41,334.35) (N/A)
Expired: 87, average 170 days on market (53, 152 days on market) (N/A)

Number of units under agreement: 104 (153) (N/A)
Median UAG price: $599,000 ($549,000) (N/A)
Average UAG price: $832,103 ($772,695) (N/A)

Number of units sold (past 30 days): 167 (170) (175)
Average days on market: 101 (93) (96)
Months of supply: 5.96 (6.37) (N/A)
Median close price: $520,000 ($528,000) ($505,000)
Average close price: $688,441 ($632,196) ($645,192)
Original list to close price: 94% (95%) (94%)
Sales velocity: $114,969,674 ($107,473,324) ($112,908,600)

Thoughts: Fewer price changes because at this point in the summer there are few buyers – if you’re home’s not selling, it’s so much the price it’s the traffic. Under agreements drop because it’s summer and sales are staying steady, but at mediocre levels.

This report includes sales and inventory information for condominiums located in the following downtown Boston neighborhoods: Back Bay, Beacon Hill, Financial District, Leather District, Midtown, North End, Seaport District, South End, The Fenway, Theater District, Waterfront, West End, Chinatown, Kenmore Square.

Data collected from third-party sources by the Multiple Listing Service Property Information Network, Inc. for the period between 06/24/2010 – 07/24/2010, 05/19/2010 – 06/19/2010, and 05/26/2009 – 06/26/2009.

Photo of my old condo courtesy Sebastian Diesel at LoftsBoston.com

The Boston real estate market in 2010

John Keith — Fri, 23 Jul 2010 21:05:42 +0000

Two fascinating charts of data regarding the Boston real estate and condo market during 2010.

The first shows under agreement activity during the past six months.

A total of 2,498 condominiums went under agreement in Boston from January 23, 2010 – July 23, 2010. Of these, 546 are under agreement now and 1,765 have closed. The remaining 187 are classified as “Other” meaning they either went back on the market or were withdrawn.

During the same period in 2009, 2,360 condos went under agreement. In 2008, 2,770 condos went under agreement.

The other chart shows a break-down of condos listed during the past six months by price range. Of note is that twice as many $1,000,000-$1,500,000 condos came on the market than in the $900,000′s or $800,000′s but almost the same amount, in total. One theory on this is that sellers/developers/owners aren’t able to price properties in the high ’000′s as accurately, so they just stick a price on their properties somewhere in that $200,000 range.

Average days on market in all price ranges is moderate for two reasons: those condos listed accurately sell quickly while those that don’t sell within four or five months are (presumably) withdrawn from market. That’s one way to keep DOM low.

A full 30% of condos currently on the market have had price changes (reductions) and these listings have been on the market for longer than the total averages. (Bad English here, I realize.)

There are currently two $10 million+ condos listed for sale in Boston; the average is over one year. I’m sure these owners would entertain any reasonable offer, no?

During the same time period in 2009, 4,749 condos were listed for sale and 2,120, or almost have, had had price changes. The days on market average for all listings was significantly higher, 120 days vs. 76 days, and those with price changes had been on the market 165 days in 2009 vs. 102 days in 2010.

A marked improvement in 2010.

All of this data is courtesy of the Multiple Listing Service Property Information Network, Inc., and is collected from third-party sources.

Boston condo sales jump in 2nd quarter; foreclosures up

John Keith — Tue, 20 Jul 2010 13:15:26 +0000

Two new sets of data show a rapidly-changing local real estate market.

The Listing Information Network, Inc. (LINK) is reporting a higher number of sales in the downtown Boston market during 2nd-quarter 2010, surging 30 percent, according to the Boston Globe. Meanwhile, sales in high-end, “luxury” buildings increased 9 percent.

Meanwhile, the Warren Group has released June foreclosures data for Massachusetts. Petitions to foreclose, the first step in the foreclosure process, have dropped 21.7 percent since last year.

However, the news is not all good:

Even though the number of foreclosures initiated in June declined, the number of completed foreclosures more than doubled from a year earlier. A total of 1,313 foreclosure deeds were recorded, a 109.1 percent jump from 628 in June 2009. Foreclosure deeds also climbed 1.4 percent from May’s 1,294 foreclosures. This is the fifth month this year that foreclosure deeds surpassed 1,000.

The increase in foreclosures and, separately, in auctions, to me means that lenders are finally getting serious about reducing the number of bad loans on their books. Only lately has there been sufficient demand to sell these troubled properties.

In Suffolk County, which includes Boston, Chelsea, Revere and Winthrop-by-the-sea, June foreclosures were down 50 percent compared to 2009 and are down 22%, this year. Auctions are up 148% this year compared to last while foreclosure deeds are up 12 percent, according to the Warren Group.

Boston real estate and condo sales report for week ending June 26, 2010

John Keith — Sun, 27 Jun 2010 17:04:24 +0000

The following is Boston Proper condo and real estate sales data for the 30 days ending June 26, 2010 (June 19, 2010) (and June 26, 2009, where possible).

Number of units currently on the market: 1,063 (1,084) (N/A)
Average days on market: 123 (121) (N/A)
Median list price: $625,000 ($629,000) (N/A)
Average list price: $997,857 ($993,003) (N/A)
Price changes: 251, -3.34%, -$26,770.05 (259, -4.85%, -$41,334.35) (N/A)
Expired: 75, average 146 days on market (53, 152 days on market) (N/A)

Number of units under agreement: 140 (153) (N/A)
Median UAG price: $594,000 ($549,000) (N/A)
Average UAG price: $787,794 ($772,695) (N/A)

Number of units sold (past 30 days): 165 (170) (175)
Average days on market: 85 (93) (96)
Months of supply: 6.44 (6.37) (N/A)
Median close price: $519,000 ($528,000) ($505,000)
Average close price: $629,546 ($632,196) ($645,192)
Original list to close price: 95% (95%) (94%)
Sales velocity: $103,875,124 ($107,473,324) ($112,908,600)

Thoughts: The relatively-healthy local real estate market continues. Meanwhile, low interest rates abound but no one seems to care.

Data collected from third-party sources by the Multiple Listing Service Property Information Network, Inc. for the period between 05/26/2010 – 06/26/2010, 05/19/2010 – 06/19/2010, and 05/26/2009 – 06/26/2009.

Photo of my old condo courtesy Sebastian Diesel at LoftsBoston.com

Boston condo sales report for week ending June 19, 2010

John Keith — Sat, 19 Jun 2010 15:06:33 +0000

The following is Boston Proper condo and real estate sales data for the 30 days ending June 19, 2010 (June 12, 2010) (and June 19, 2009, where possible).

Number of units currently on the market: 1,084 (1,098) (N/A)
Average days on market: 121 (120) (N/A)
Median list price: $629,000 ($625,000) (N/A)
Average list price: $993,003 ($994,150) (N/A)
Price changes: 259, -4.85%, -$41,334.35 (266, -4.19%, -$33,339.91) (N/A)
Expired: 53, average 152 days on market (55, 149 days on market) (N/A)

Number of units under agreement: 153 (152) (N/A)
Median UAG price: $549,000 ($575,000) (N/A)
Average UAG price: $772,695 ($784,113) (N/A)

Number of units sold (past 30 days): 170 (169) (162)
Average days on market: 93 (97) (97)
Months of supply: 6.37 (6.49) (N/A)
Median close price: $528,750 ($525,000) ($517,500)
Average close price: $632,196 ($676,508) ($654,992)
Original list to close price: 95% (95%) (94%)
Sales velocity: $107,473,324 ($114,329,924) ($106,108,736)

Thoughts: Happy Summer!

Data collected from third-party sources by the Multiple Listing Service Property Information Network, Inc. for the period between 05/19/2010 – 06/19/2010, 05/12/2010 – 06/12/2010, and 05/19/2009 – 06/19/2009.

Photo of my old condo courtesy Sebastian Diesel at LoftsBoston.com

Boston condos for sale and real estate sales report for June 12, 2010

John Keith — Sat, 12 Jun 2010 12:31:57 +0000

The following is Boston Proper condo and real estate sales data for the 30 days ending June 12, 2010 (June 5, 2010) (and June 12, 2009, where possible).

Number of units currently on the market: 1,098 (1,093) (N/A)
Average days on market: 120 (122) (N/A)
Median list price: $625,000 ($639,000) (N/A)
Average list price: $994,150 ($1,009,676) (N/A)
Price changes: 266, -4.19%, -$33,339.91 (260, -4.35%, -$35,296.82) (N/A)
Expired: 55, average 149 days on market (54, average 155 days on market) (N/A)

Number of units under agreement: 152 (137) (N/A)
Median UAG price: $575,000 ($575,000) (N/A)
Average UAG price: $784,113 ($784,117) (N/A)

Number of units sold (past 30 days): 169 (160) (148)
Average days on market: 97 (101) (103)
Months of supply: 6.49 (6.83) (N/A)
Median close price: $525,000 ($542,000) ($517,500)
Average close price: $676,508 ($771,033) ($651,758)
Original list to close price: 95% (95%) (94%)
Sales velocity: $114,329,924 ($123,365,227) ($96,460,135)

Thoughts: Whoa. Weird that under agreement average and median prices are similar or the same as they were, last week. Stable.

Data collected from third-party sources by the Multiple Listing Service Property Information Network, Inc. for the period between 05/12/2010 – 06/12/2010, 05/05/2010 – 06/05/2010, and 05/12/2009 – 06/12/2009.

Photo of my old condo courtesy Sebastian Diesel at LoftsBoston.com

32nd closing recorded at The Clarendon : Back Bay, $1,100,000

John Keith — Fri, 11 Jun 2010 20:21:58 +0000

The 32st closing at The Clarendon Back Bay was recorded, today. The purchase price was $1,100,000 and included one deeded garage parking space.

This was an 17th-floor, two-bedroom, two-bathroom, 1,180+/- square foot condo, approximately $974.58 per square foot.

There are 103 units in the building on floors 15-33; there are fourteen floors of luxury apartments on the lower floors, and a restaurant on the first, along with a branch of the US Postal Service.

With the latest sale, the building is 31 percent occupied.

Please contact me for more information and for buyer’s agent representation.

Boston condos and Boston real estate report for the week ending June 5, 2010

John Keith — Sat, 05 Jun 2010 21:03:37 +0000

The following is Boston Proper condo and real estate sales data for the 30 days ending June 5, 2010 (May 29, 2010) (and June 5, 2009, where possible).

Number of units currently on the market: 1,093 (1,098) (N/A)
Average days on market: 122 (121) (N/A)
Median list price: $639,000 ($649,000) (N/A)
Average list price: $1,009,676 ($1,022,589) (N/A)
Price changes: 260, -4.35%, -$35,296.82 (269, -4.29%, -$33,403.95) (N/A)
Expired: 54, average 155 days on market (49, average 158 days on market) (N/A)

Number of units under agreement: 137 (161) (N/A)
Median UAG price: $575,000 ($525,000) (N/A)
Average UAG price: $784,117 ($710,326) (N/A)

Number of units sold (past 30 days): 160 (158) (145)
Average days on market: 101 (106) (105)
Months of supply: 6.83 (6.95) (N/A)
Median close price: $542,000 ($535,000) ($555,000)
Average close price: $771,033 ($796,523) ($695,832)
Original list to close price: 95% (95%) (94%)
Sales velocity: $123,365,227 ($125,850,615) ($100,895,635)

Thoughts: Was there a slowdown in under agreements this year versus last following the expiration of the federal tax credit program on April 30? I don’t know! BTW, under agreement prices jumped; seemed as those in the higher price ranges finally pulled the triggers.

Data collected from third-party sources by the Multiple Listing Service Property Information Network, Inc. for the period between 04/29/2010 – 05/29/2010, 04/22/2010 – 05/22/2010, and 04/29/2009 – 05/29/2009.

Photo of my old condo courtesy Sebastian Diesel at LoftsBoston.com