RadioBDC Logo
R U Mine? | Arctic Monkeys Listen Live
 
 
< Back to front page Text size +

Condos too rich now?

Posted by Scott Van Voorhis February 11, 2014 07:37 AM

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

Condos have long been a starter home alternative here in Massachusetts, the land of perpetually increasing home prices.

But condos are suddenly not looking at all that affordable now. The median price statewide hit $300,000 in January, the Massachusetts Association of Realtors reports this morning.

Just last January, the median price was a considerably lower $250,000, so we are talking about a 20 percent increase, according to real estate trade group monthly report on pending sales. (Basically, it's condos that have been put under agreement, but have to officially close and change hands.)

Sales were up as well, jumping nearly 10 percent to 1,421, the most condos to get new owners since way, way back in January 2007. You know, back when subprime mortgages were still hot, George W. was still president, and the housing bubble had yet to completely burst.
.
Of course, this is a statewide median, so we have to take into account all those multimillion-dollar condo sales in Boston, which are certainly helping gin up the numbers.

Still, that's hardly a reason to dismiss the report, either. Few new condos been built over the past few years in the Boston area, with banks having shut down financing of new projects after the recession. So scarcity is a factor in these price increases.

By contrast, pending home sales rose just 1.5 percent this January compared to first month of 2013, with the median price, at $320,000, essentially unchanged from December.

Condo buyers, what are you seeing out there? Are prices getting too rich for you?

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

Latest interest rates

SPONSORED
RE by the Numbers
Do You REALLY Know Your Real Estate Agent?
With the real estate market firing on all cylinders many folks have decided to enter real estate sales over the past few years. Combine this...
archives