LINK, or the Listing Information Network, has released its final 2006 report. It shows that the number of condominium sales in Boston dropped by almost ten percent, compared to 2005, but was third highest on record.
The median price dropped by 3.4 percent within the city, compared to 2005. The median price for the 3,494 condos sold in 2006 was $449,000, according LINK.
Matt Winterle, the 25-year-old cofounder of Boston Condo Group LLC, which posts units for prospective buyers on bostoncondogroup.com, said his friends’ parents in some cases are deciding to sink money into a downtown condo, even though they haven’t sold their house.
Winterle, who is also a real estate agent, said clients who are young professionals are also suddenly buying because rents increased downtown at the same time that condo prices dropped. “They’re just fed up with rentals,” he said. “I see a lot of first-time home buyers.”
The takeaway from this is, the real estate market in Boston was healthy, last year. Sellers were slow to adjust their prices, which had an effect on sales volume. More importantly, buyer psychology was such that, in my opinion, no matter what prices were put on condos, they just wouldn’t sell. Buyers need several months (quarters?) of a steady economy, low interest rates, and moderating prices, before they’ll get in the market.
I was very busy in December and January. I was surprised by this (pleasantly). Buyers in every price range were out and about.
Source: Downtown condo sales rebound – By Kimberly Blanton, The Boston Globe
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