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Boston condo sales data

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There’s no other way to say it, this is a bad year for Boston condo sellers.

“The proof is not going to be in words, it’s going to be in deeds.” (Recorded deeds that is)

Back Bay Condo sales – 1/1/09 – 9/30/09
Number of sales – 274
Avg sales price – $993,205.00
Median sales price – $647,500.00

Back Bay Condo sales – 1/1/08 – 9/30/08
Number of sales – 404
Avg sales price – $1,202,479.00
Median sales price – $675,000.00
_______________________________________

Beacon Hill condo sales 1/1/09 – 9/30/09
Number of sales – 134
Avg sales price – $673,043.00
Median Sales price – $472,500.00

Beacon Hill condo sales 1/1/08 – 9/30/08
Number of sales – 187
Avg sales price – $688,434.00
Median Sales price – $480500.00
__________________________________

Charlestown condo sales 1/1/09 – 9/30/09
Number of sales – 197
Avg sales price – $451,000.00
Median sales price – $422,000.00

Charlestown condo sales 1/1/08 – 9/30/08
Number of sales – 222
Avg sales price – $469,133.00
Median sales price – $415,000.00
___________________________________

Fenway condo sales 1/1/09 – 9/30/09
Number of sales – 111
Avg sales price – $338,997.00
Median sales price – $312,500.00

Fenway condo sales 1/1/08 – 9/30/08
Number of sales – 161
Avg sales price – $388,208.00
Median sales price – $330,000.00
_________________________________

Waterfront condo sales 1/1/09 – 9/30/09
Number of sales – 84
Avg sales price – $796,305.00
Median sales price – $672,000

Waterfront condo sales 1/1/08 – 9/30/08
Number of sales – 188
Avg sales price – $1,106,091.00
Median sales price – $750,000.00
____________________________________

North End condo sales 1/1/09 – 9/30/09
Number of sales – 55
Avg sales price – $489,356.00
Median sales price – $445,000.00

North End condo sales 1/1/08 – 9/30/08
Number of sales – 72
Avg sales price – $452,786.00
Median sales price – $338,250.00
_______________________________________

Hmm…so much for the homebuyer tax credit helping condo sales in Boston.

File Under: 2010 is only a month and half away.

Looking for Boston condos for sale.

Read other posts about: Boston condo sales data

16 Responses to “Boston condo sales data” »»

  1. Comment by Mike | 11/06/09 at 5:20 am

    But, but, but … Bradley! Nabe! Immune! John, I think you have to recheck your numbers. Clearly results like these can’t be happening in Boston. Fortunately, I’m sure the South End, with its preponderance of rich, chic urbanites has had a much better 2009. After all, buying there in December 2008 is the single smartest thing someone could have done with their money…

    Thank you for this data, it’s very informative! Regarding the tax credit, if you go by the 3x income rule for home purchases, since the credit phases out for incomes above $170k or so for a couple, this means that most properties selling for above $510k are basically unaffected by the credit. Which is a big chunk of the Boston market.

    Mike

    Mike

  2. Comment by confused | 11/06/09 at 5:33 am

    How many of those sales would have occurred without the tax credit? Things might have been worse.

    I wonder if my insulting low offers are still considered insultingly low. I may have to lower them even more to be sure.

  3. Comment by Bradley = troll | 11/06/09 at 5:35 am

    Immune indeed!!! Troll caves did appreciate 12% in the rock solid South End Nabe…just bought one with a troll bidet.

  4. Comment by Funny | 11/06/09 at 7:48 am

    It is funny that we haven’t seen him around recently.

    Anyways, speaking of SE/BB I was strolling down Newbury street the other day and it’s amazing how much retail space has opened up.

    now I know many of the stores that did end up going probably had financials that would’;t allow them to operate under even a small downturn (Beads, get your beads here!), but still.

  5. Comment by anon2 | 11/06/09 at 8:15 am

    Why would the tax credit have had any noticeable affect at these price points? The previous income limits should have excluded all buyers who could legitimately afford these prices from claiming the credit. The extension is a totally different story because the income limits have been raised significantly. Maybe it will create an artificial bump in demand this time around.

  6. Comment by condobuyer | 11/06/09 at 11:11 am

    I’m not sure the extension will create any measurable impact in areas like Back Bay, Beacon Hill, etc. The purchase price cap is 800K from what I read. Ofcourse the people who purchase properties over 800K will probably have incomes higher than the limit anyway…

    On the sales data: I wonder if we should take away the top 2 and bottom 2 sales figures to account for outliers. In a place like Back Bay, there are those moments when some super super rich person swoops in and buys something for 6, 7, 8M. Those sales throw the averages out of whack. By the way, the Back Bay sales data includes several Mandarin sales in 2008 which makes the average figure almost twice the median.

  7. Comment by JohnG | 11/06/09 at 1:51 pm

    And I think next year is going to be worse!

  8. Comment by joseph | 11/06/09 at 4:35 pm

    John Keith posted on his blog about a South End condo that was purchased in ‘06 for $1.4 million. It just sold for $4 million. The right properties seem to be selling. I wonder if the problem is the good properties are being held from the market until the economy picks up.

    Is J/K no longer writing on this blog?

  9. Comment by condobuyer | 11/06/09 at 7:25 pm

    Joseph,

    What’s the address? I would imagine the owners would have put in significant upgrades/work for it to more than double in price. Unless it’s one of those sales to a multi millionaire who has too much money to even care about price.

  10. Comment by Paul C | 11/07/09 at 2:02 am

    JohnG, I agree with you, I think next year will be worse.

  11. Comment by Mary | 11/07/09 at 3:15 am

    “The right properties seem to be selling”

    Guess there are not many “right properties” inventory is growing by the day and sales are way down….

    The right properties seem to be selling

  12. Comment by joseph | 11/07/09 at 4:14 am

    “What’s the address?”

    The address is 485 Harrison

  13. Comment by John Ford | 11/07/09 at 4:37 am

    Hi Joseph,

    I just looked into 485 Harrison #601. Here’s what I found out. First, the owner did purchase the unit for $1,400,000 on 11/10/2006 from the developer Harrison Loft Condo. At the time he purchased the property it was assessed for $2,180,000.00. The buyer purchased this loft for $370.00 per sq ft. It seems to me that the develper was in trouble, why else would the developer sell $1,000,000 below the assessed value? The unit end up sellling for $3,725,000.

    Yes, your correct it was a nice score for the seller.

  14. Comment by condobuyer | 11/07/09 at 9:06 am

    John,

    There’s more. If you look, 3 units (including 601 foreclosed in 2006). There’s a foreclosure deed for 3 units for 2.4M. In addition the person who purchased 601 for 1.4M took out a mortgage of over $2M. It could be likely that the unit was a shell and the owner put in alot of work. Why a mortgage higher than the purchase price..hmm??

  15. Comment by John Ford | 11/07/09 at 9:29 am

    Condobuyer, how does that saying go? “If its too good to be true….”

  16. Comment by Mary | 11/08/09 at 2:50 am

    Gee, so you mean prices really aren’t rising in the South End…shocker

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