Buried in all the negative stories about home sales over the past quarter was this piece of news:
Meanwhile in Boston’s chic downtown neighborhoods, sales and prices rose. According to Listing Information Network, sales in 12 downtown neighborhoods, including the North End, the Back Bay, and the South End, increased 5.4 percent, to 1,023 condo sales in the July-September period. The median price went up 4.55 percent, to $439,000.
“We’re insulated,” Link president Debra Taylor Blair said about downtown. “It’s a tighter market, and we have a lot of cash buyers, and it’s a market that’s still relatively low in inventory. We’re not getting the glut of foreclosures.”
I take Ms Blair’s comments to mean “insulated” in the sense of “less affected”, not “unaffected”. Everyone knows we’re in a tenuous market, regardless of location.
Source: September home sales fall 18.7% in Mass. as summer sting lingers – By Kimberly Blanton, The Boston Globe