The fourth quarter of 2011 saw one of the tightest inventorys of properties Boston has ever seen. This is certainly one argument for why the luxury housing market located in the prominent Boston neighborhoods such as the Back Bay, Beacon Hill, South End, North End, Charlestown, Bay Village and Fenway areas have held or even increased in value over a small and recent time period.
The fact is, demand for such condominiums in Boston is maybe as high as it has ever been.Some luxury buildings like The Clarendon, One Charles, 45 Province, and the W reported numbers that sales were up 3% in 2011 compared to 2010 with a median sales price of $719,500, an increase of 8.2%. Outside of these beautiful buildings, the downtown of Boston as a whole had a median sales price of $474,250, which was a 1% improvement year-over-year. This median resulted from the 2,579 condominiums that sold in 2011, this up 0.37%. Home values downtown were also up a lofty 2% over the numbers seen from the year 2005 before the economic recession. This is quite intriguing to learn and it shows the strength of the Boston downtown market, as across the commonwealth, figures on home values are down by often double digits percentage-wise compared to 2005.
Our unwavering market throughout the tough times of late only further prove how there is a great deal of trust in our city. When people begin to see more signs of a complete market recovery worldwide and once again have money to spend, there is no telling as to how well the Boston downtown real estate market will do.
More Information: Curbed.com
