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!