Boston Home Prices Are Up • Number of Sales is Down • Inventory is Low
Curbed Boston reported transactions in the downtown Boston luxury condo market during the Summer months saw significant prices jumps and average sales prices were up nearly 23% year over year in the Spring. Downtown areas include Back Bay, Beacon Hill, South End, South Boston, the Seaport, North End, West End, Midtown, Fenway and Charlestown. The average sale price was $4,395,698 which represents an increase of 22% annually and 22% quarterly.
The average price per square foot was $1,965, up 18.3% annually and 22.8% quarterly.
The median sales price jumped to $3,510,3000, up 21% annually and 33.7% quarterly.
Reasons for housing prices and rents rising are “fueled by a growth in jobs downtown, foreign investors looking for a safe place to put their money, and young people pooling their resources and doubling, tripling, or quadrupling up” according to Barry Bluestone, Dean of Northeastern University School of Public Policy and Urban Affairs.
Keep in mind the helpful factor of Interest Rates at a steady low hovering at 3.0% - 4%.
In summary, prices are up, inventory is down and the future looks expensive!