Boston condo sales on the upswing
Condominium sales and prices in downtown Boston surged during the last quarter, according to a report released today.
In the second quarter, the median price for a downtown condo increased nearly 4 percent over year-ago prices, to $472,750 according to a report on the downtown market from Listing Information, or Link. High-end sales saw an even bigger boost: the average price, which is magnified by sales of the priciest units sold downtown, surged 11 percent, to $643,568.
Link tracks 12 core neighborhoods downtown, including South End, Back Bay, the waterfront, Beacon Hill, and the Leather District.
Strong demand drove up prices. Downtown sales rose 7.5 percent in the second quarter, to 1,128 transactions, compared with 1,049 in the second quarter of 2006. The data cover all closings in the second quarter.
But inventories of new listings for sale are also tightening, boosting prices, because new developments coming on line for sale are slowing in the aftermath of the city's unprecedented building and sales boom, which peaked in 2004 and 2005.
On June 1, there were 1,301 properties on the market for sale in Boston, down 25 percent.
(By Kimberly Blanton, Globe staff)
