Boston Condominiums: Both Prices and Sales rise in 2013’s Third Quarter

Only about a week ago did we mention how successful
the month of September was in the State of Massachusetts with the
highest rate for
single-family home sales recorded since 2005. When taking a
more magnified approach and concentrating on just Boston, the story
is much of the same with massive improvements continuing to occur
as it pertains to the field of real estate.

Condominiums in particular in Boston leave us with
much to brag about. Their progress both in terms of price changes
and volume of sales have surpassed expectations and are
relentlessly pushing both the business forward all while benefiting
the greater economy as well. A flourishing buyer demand and tight
inventory has seen condominium prices boosted by 7.6% in September
on a year-over-year basis. Median prices for condos downtown are
not going for up to $525,000, whereas a year prior this was only at
$487,500.

With regards to sales volume, 1,153 condos traded
hands in the city during September of this year alone, which also
showed growth, this time by 11% over September of 2012 when 1,043
transactions were completed. Our own Beth Dickerson was reached for
comment by the Boston Business Journal to reflect on the current
market trends and stated that, Its still a sellers market. Our
inventory is off by 60 percent, interest rates despite the modest
increase in the last month are still at historic lows, banks are
getting a little more flexible on lower down payments and rents are
rising. All these factors are driving people to buy.

Curious as to how some specific neighborhoods in
Boston performed on an annual scale? The following becomes
apparent:

More Information: Boston Business
Journal