The Globe is out today with a story about condo sales volume and sales prices.
Pretty much, the story confirms what I said in my entry, last night.
The median home price in Boston was unchanged in the past year at $390,000, but that stability masked wide swings in prices in the city’s 15 neighborhoods.
The story does give a good breakdown, by neighborhood, of what’s going on out there (remember, all real estate is local).
East Boston is down in average price, (The sales at Porter 156 undoubtedly skewed this data, making it useless, pretty much. Prior to these sales, most properties sold in East Boston were single-family homes, which sold for more than the condos. To analyze the data, you need to break down sales by type, something the city didn’t do, apparently.)
JP and Roslindale had drops in volume, but sales prices stayed about constant.
Similarly, the North End, West End, Chinatown, and financial and Leather districts had fewer sales, but prices stayed almost exactly the same, as the year before.
The city’s data shows that the South End had a 25% drop in sales, but only a 3% drop in average price.
I don’t know what’s going to happen next. I have a guess, but I’m in the minority on that one.
Kimberly Blanton writes a good article, mostly because she just reports the data, without bias.
More: Shifts in Hub home prices were all over the map – By Kimberly Blanton, The Boston Globe