Downtown Boston Condominium sales are ahead of 2006 in total sales absorption and just a little behind 2005 and is showing upward pressure on pricing:
Average Price Jan. 1 - July 13
2006 $575,689
2007 $660,230
Median Price Jan. 1 - July 13
2006 $455,000
2007 $480,000
MetroWest Single Family Home market is 11% above the sales activity for the same time period last year and is almost at 2005 numbers. The high-end is particularly strong showing momentum in the $1M+ price segment over the last 3 years.
For time period of Jan. 1 -June 13:
2005 19% of sales were over $1M
2006 17% of sales were over $1M
2007 19% of sales were over $1M
Note: National stories in the Wall Street Journal (see James Hagerty's columns on 8/9/07 and 7/26/07) are starting to acknowledge fundamentals in Boston (metro) inventory that are different compared with other national/metro markets. This difference in fundamentals is one of the reasons prices are holding and increasing locally, depending on the location/segment.
A trend to watch in the Urban Emerging markets is the pressure on pricing creating an expansion of the >$500K price segment. Watertown and Somerville are the two markets to watch as they are the two Urban Emerging markets leading the way into an expansion of this higher price segment. Year to date 2007 figures show that sales over $500K in Watertown and Somerville represent 10% and 11% of each city's total sales transactions respectively.
Comments(0)