One of the more well known developments in Charlestown's famed Navy Yard neighborhood, Parris Landing has seen a nice bump in value for its? owners in 2013. Units in the complex have seen a marked improvement from just a year ago in almost every statistic. The full service building has seen a total of 20 sales for its? 1 bedroom layout thus far in 2013, matching the amount of sales for 1 bedroom units over the entire year in 2012. Price per square foot in these 1 bedroom units are also up, with sales in 2013 tallying an impressive average of $527.91/sqft, up from $483.32/sqft last year, a 9.2% increase. Two bedroom units have also scored an increase as well, with sales in 2013 resulting in close to a $10/sqft increase year over year.
Sale prices are also up in the complex in 2013 with an average sale price across all closings of $419,098, up 1.99% from last year?s numbers. By parsing these sale price numbers out a bit more we can see that while 1 bedroom units have remained stagnant year over year two bedroom units have jumped 18% to $578,857. Perhaps the most telling statistic from the past year which underscores the increased interest in Parris Landing is average days on market before going under agreement. Last year saw units in the complex sit for an average of 57 days before accepting an offer, almost a full month longer than our average thus far in 2013 of 37 days.
While some gains for Parris Landing can be seen as modest the decreased time on market for sales and the increase in price per square foot in 1 bedrooms and spike in 2 bedroom prices spell good things going forward for the complex as a whole as they continue to help anchor Charlestown?s Navy Yard alongside Flagship Wharf, and Spaulding Rehabilitation?s beautiful new building.
For properties currently for sale in the Navy Yard you can click here to view them. Live in Parris Landing and want to know what your home may be worth? Click here to grab an up to date value for you home and have any questions answered.
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