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      Blog :: 01-2016

      Update on Boston's Condo Market - Year-End 2015

      Boston condominiums had another strong year in 2015. In the Back Bay, condo sales are averaging over $1,100 per square foot (yes, that's the AVERAGE). Beacon Hill and the South End have also seen prices rise.

      I think the biggest story of the year though is the Seaport District. In 2015, the Listing Information Network, Inc. (LINK) recorded 184 condo sales in the Seaport District at an average of $1,107.66 per square foot. By comparison, in 2014, there were 83 sales at $610.37 per square foot. That's an increase in sales volume of 122% and a price increase of 81%. Quite a year-over-year jump!

      With a number of luxury condo developments underway and businesses flocking to the Seaport (including the recent announcement that GE is planning to relocate its headquarters there), this trend is likely to continue. One area to watch is South Boston. Connected directly to the Seaport District, South Boston condos averaged $550 per square foot in 2015 and I think a number of the employees filling these new Seaport District jobs will be looking at South Boston condos as attractive alternatives to the units being built in the Seaport District.

      Below are some charts compiled by LINK with additional data on Boston's condo market in 2015:

       

       

      If you have any questions about Boston's condo market, don't hesitate to contact us!

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      West Roxbury Market Snapshot

      West Roxbury is turning into one of Boston's most active neighborhoods. Our Vice President of Commercial Real Estate, Eric Shabshelowitz, has personally been active there and was the #1 agent for multi-families in 2015 based on MLS.

      Here's a quick snapshot showing why West Roxbury is so popular:

      Multi-family prices have trended upwards over the past 5 years (above chart shows price per square foot since January 2011). The average sale price per SF in 2011 was $162. In 2015, West Roxbury multi-family sales were at $239/SF (a 47.5% increase from 2011).

      One of the drivers behind this increase is rent rates. The chart below shows average rents over the past 5 years. While not a drastic increase, the rents are progressing upwards. With rents in downtown Boston continuing to rise, this trend in West Roxbury should continue. The Days on Market chart, which is also below, shows that demand for West Roxbury apartments is growing (dropping from 95 DOM in 2011 to under 60 DOM now).

      If you have questions about West Roxbury, or investing in any other emerging Boston neighborhood, contact Eric Shabshelowitz.