If you were to think where the Boston condo market was currently, what would you guess? Boston condo sales have just recently seen a 22.5 percent increase between the months of July and September compared to last year. That’s 823 condos sold in Boston! There seems to be a lot of buzzing around the city with clients regaining their confidence in the Boston real estate market.
There has been great progressive strides made for the luxury market. A 27.6 percent increase in this year’s third quarter demolishes the numbers from last year.
The Boston real estate market in comparison to that of Massachusetts has also performed well. Still moving in a positive direction, the state has risen 10 percent in sales in the third quarter compared to last year’s results, although this is still trumped by the aforementioned 22.5 percent increase in the greater Boston area.
Larry Rideout (Gibson Sotheby’s International Realty CEO) was interviewed by Boston.com explaining our commitment to selling the high-end luxury real estate which has a trickle down effect to benefiting the market as a whole. Generally, Mr. Rideout believes that the individuals selling the broad market homes look to purchase in the upper echelon of Boston real estate. It is now the point in time where this confidence within the consumer base is allowing them to sell their first homes and look to other alternatives such as luxury Boston living. Mr. Rideout concludes his point by stating, “The money has started to step off the sidelines.”