Sales picking up of luxury downtown condos?
Well that’s what Kevin Ahearn, the sales wizard of the downtown Boston luxury condo market, claims.
Ahearn’s condo marketing/research shop just sent over a batch of stats on $1 million-plus condo sales in the Hub, culled from LinkBoston.com.
The numbers point to an increase in sales velocity in high-end condo sales since June, according to Will Kaufman, a market analyst on Ahearn’s team.
Let’s take a look at his argument.
There were 101 sales of condos for more than $1 million through the first six months of the year.
That’s about 16 super luxury condo sales month.
But in the last 3 ½ months, there have been 88 sales, a pace, if it continues for the rest of the year, could yield 150 condo sales of $1 million and in the last six months of 2009, according to Kaufman.
That translates into more than 25 sales per month of $1 million-plus downtown condos, or a 51 percent increases in sales velocity over the first half the year.
Legitimately, there are signs the jumbo loan market is starting to come back. While still pretty tough, that is likely making it easier to sell some of these units.
The survey, of course, does not separate out units at new condo projects downtown, which have seen pretty sluggish sales.
And, of course, after the near collapse of the world’s financial system put the downtown market into a deep freeze last fall and into the spring, there’s has been nowhere to go but up for luxury condo sales.
That said, it’s a trend worth keeping an eye on.
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