Boston MA Condo Market Update

Today's Boston Market Minute focuses on the condo market in the city of Boston as a whole.  We're taking a look at every condo that closed in the month of May and breaking down the stats for you.  Of the stats we look at one of the most telling in analyzing the Boston condo market is the fact that 6 neighborhoods in Boston are averaging a sale price to list price ratio of over 100%.  This means that the condos sold in six different neighborhoods in the city last month, on average, sold for more than they were listed for.  This is pretty staggering, and is a clear illustration of just how competitive things have gotten for buyers.  Another, equally impressive statistic tied to this ratio is that Jamaica Plain, of all the qualifying neighborhoods, takes the top spot this month with an average sale price of over 103% of list price!

In other news from this month we see that South Boston leads the city in total number of condo sales in May with nearly 80 sales.  To anyone familiar with the market for South Boston condos this shouldn't be of any huge surprise as it remains a developer's darling with more projects started seemingly each hour of the day.

Last we took a look at average sale price in the previous month, perhaps most surprising was, out of the qualifying neighborhoods with 10 or more sales in May, Brighton came in last with an average condo sale under $300,000.  As an area known for it's student population isn't exactly Earth shattering news, however, it is surpising none the less, especially given the affection that many buyers have for the Brighton neighborhood.

Is there anything you want us to cover in the next Boston Market Minute?  Let us know in the comment section below.

Justin Rollo is a real estate professional at Re/Max Realty Plus in South Boston, MA.  For advice or a free consultation you can find him at propertiesinthehub.com.

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