A report of condo sales during the past six months, and over the past six years, compiled by local real estate agency Otis & Ahearn, using data from LINK, the online database of condo listings used by most Boston real estate agents.
What does Otis & Ahearn think about the state of the Boston condo market (edited for clarity)?
2005 was a very strong year, but not quite at the record level of transactions and sales absorption of 2004.
2005 was substantially higher than all prior years from 2003 – 2000. Average sales price increased 9.6% in 2005 versus 2004.
2005 – 4,122 sales
$2,472,651,368 sales absorption
$599,866 average sales price
2004 – 4,670 sales
$2,554,933,046 sales absorption
$547,094 average sales price
Â§ High end sales over $1M+ at various sales data/price points in 2005 exceeded 2004
$1M + – 427 units 395 units
$2M + – 95 units 72 units
$3M + – 31 units 24 units
$1,000+/Sq 93 units 61 units
– Inventory currently on the market is a balanced / healthy +/- 5 months – 1,717 units compared to 2005 absorption of 4,122 sales (does not include presales or inventory at new developments).
Market share in sales (2005) by neighborhood very consistent and stable compared to prior years, statistically significant jumps up only when new developments introduced.
Examples: East Cambridge – Glass Factory, Regatta Riverview
Midtown – Ritz Millennium
– Presales on new developments since 2004 comfortably being absorbed. Total units available 3,979, current presales 2,393 (equal to) 60% of the 29 developments available.
Year end 2006 looks to be trending close to 2005 with scheduled closing dates for a number of new projects occurring in the second half of 2006.