The fourth quarter of 2011 saw one of the tightest inventorys of
properties Boston has ever seen. This is certainly one argument for
why the luxury housing market located in the prominent Boston
neighborhoods such as the Back Bay, Beacon Hill,
South End, North End, Charlestown,
Bay Village and
Fenway areas have
held or even increased in value over a small and recent time
period.
The fact is, demand for such condominiums in Boston is maybe as
high as it has ever been.Some luxury buildings like The Clarendon,
One Charles, 45 Province, and the W reported numbers that sales
were up 3% in 2011 compared to 2010 with a median sales price of
$719,500, an increase of 8.2%. Outside of these beautiful
buildings, the downtown of Boston as a whole had a median sales
price of $474,250, which was a 1% improvement year-over-year. This
median resulted from the 2,579 condominiums that sold in 2011, this
up 0.37%. Home values downtown were also up a lofty 2% over the
numbers seen from the year 2005 before the economic recession. This
is quite intriguing to learn and it shows the strength of the
Boston downtown market, as across the commonwealth, figures on home
values are down by often double digits percentage-wise compared to
2005.
Our unwavering market throughout the tough times of late only
further prove how there is a great deal of trust in our city. When
people begin to see more signs of a complete market recovery
worldwide and once again have money to spend, there is no telling
as to how well the Boston downtown real estate market will do.
More Information: Curbed.com