Boston Condominiums: Both Prices and Sales rise in 2013's Third Quarter

Only about a week ago did we mention how successful the month of September was in the State of Massachusetts with the highest rate for single-family home sales recorded since 2005. When taking a more magnified approach and concentrating on just Boston, the story is much of the same with massive improvements continuing to occur as it pertains to the field of real estate.

Condominiums in particular in Boston leave us with much to brag about. Their progress both in terms of price changes and volume of sales have surpassed expectations and are relentlessly pushing both the business forward all while benefiting the greater economy as well. A flourishing buyer demand and tight inventory has seen condominium prices boosted by 7.6% in September on a year-over-year basis. Median prices for condos downtown are not going for up to $525,000, whereas a year prior this was only at $487,500.

With regards to sales volume, 1,153 condos traded hands in the city during September of this year alone, which also showed growth, this time by 11% over September of 2012 when 1,043 transactions were completed. Our own Beth Dickerson was reached for comment by the Boston Business Journal to reflect on the current market trends and stated that, Its still a sellers market. Our inventory is off by 60 percent, interest rates despite the modest increase in the last month are still at historic lows, banks are getting a little more flexible on lower down payments and rents are rising. All these factors are driving people to buy.

Curious as to how some specific neighborhoods in Boston performed on an annual scale? The following becomes apparent:

More Information: Boston Business Journal