Condominium sales in The Greater Boston Area are flourishing of
late with results that literally trample upon those of the past.
The end of the third quarter of 2012 marked the third consecutive
quarter where both condominium sales as well as their average
prices increased. With the confidence that the bottoming of the
market has been realized, buyers are much more abundant and serious
about investing in their future now while rates and prices remain
lower than in the past.
However, the waiting to invest in Real Estate may be over. No
longer are prices tremendously low and this can be attributed to
the pent-up demand still present in Boston combined with a lack of
inventory. Prices are rising and those who were waiting for any
fluctuation back downwards in the market may have missed the boat
by now.
Some of the facts supporting such a positive streak in Boston
are that between July and September 1,043 condominiums came to
closing which is up 826 from a year prior where in 2011, 26.2% less
were sold in this same time span. It was not just sales that hiked
up but so did prices. This year there was a 6.1% jump in average
sales prices from July to September as well, a difference between
$486,000 this year and $457,750 in 2011.
So where are the more sought after places to live in Boston?
This still remains as one of the main downtown neighborhoods,
however others just on the periphery of the city that are less
expensive have seen the most transactions of late. South Boston, also known
as Southie, in particular was the most successful in sales with
a lofty 65% betterment in 2012s July-September compared to the same
corresponding months from a year prior. This percentage accounted
for a total of 259 condominiums being sold, the most out of any
Boston neighborhood. Finally, experts have determined that the
Seaport District,
with its enormous amount of construction that is taking place
within the next few years, will be one of if not the next hotspot
in the city for both price and sales increases.
More Information: Boston Business
Journal