May
2007
Condominium sales in downtown Boston took a nosedive during the first quarter of the year, but prices continued to escalate.
A total of 438 condos were sold in downtown Boston during the first three months of the year, an 18 percent drop from the same months in 2006, according to statistics from The Warren Group, parent company of Banker & Tradesman. Downtown neighborhoods include Back Bay, Beacon Hill, the South End, the North End and Midtown. While sales tumbled in downtown Boston, the median condo price jumped 12 percent to $545,300.
Check out graph below to see comparison of first quarter condo sales in 06 and 07.
http://www.bankerandtradesman.com/newspics/coverchart051407.jpg
My view is this condo’s that are priced right are moving. Seems like a simple concept but its true. There is not a mad rush like there was a year and a half ago. People will not buy the first thing they see or feel like they will ‘lose’ the apartment if walk out the door. For sellers be realistic, for buyers be realistic. In all equations something has to give – location, size and amenities – something will give in the equation make sure you know what is most important to you. From my point of view I think that the market has stabalized and is a even playing field for both parties.
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