$1 million-plus sales look strong, this year
Here is data from the Listing Information Network (LINK) database of properties selling for more than $1,000,000:
2004: 410 units — Sold — Avg. Selling Price: $1,636,942 — Median Selling Price: $1,370,000 — Avg. $/SF: $782 — Avg. DOM: 140
2005: 440 units — Sold — Avg. Selling Price: $1,675,820 — Median Selling Price: $1,400,000 — Avg. $/SF: $827 — Avg. DOM: 127
2006: 364 units — Sold — Avg. Selling Price: $1,665,882 — Median Selling Price: $1,420,000 — Avg. $/SF: $851 — Avg. DOM: 118
2006 figures are as of 12/11/2006, and do not include the most recently closed sales (entered manually by agents) or developer-direct sales (which are entered manually by the LINK staff).
In 2004 and 2005, you had a whole bunch of sales of the Ritz Carlton Towers. In 2005, you had a whole bunch of sales at 1 Charles. This increased the numbers for those two years.
(2006 did see a good number of sales at 1 Charles, and resales at the Ritz Carlton, however.)
The number of sales this year is lower; 1) because of a slower market, and, 2) because of less supply.
It’s too soon to report 2006 numbers; 500 Atlantic (the InterContinental) sales began during the middle to end of October; they are only halfway through the building, as of this Monday. I would estimate another 35 units will sell there, before the end of December.
This will bring the total much closer to the 2004 number, but, of course, not very close to the 2005 number.
More: High-end, full-service condo sales remain strong – By Denise Magnell, Boston Business Journal