In the posts below we just listed some key data for prime downtown Boston condo markets. Over all, we can say some key downtown condo markets held up with small to minimal price declines – and one area actually bucked all trends.
The obvious sweet spot is the $1 million-plus market in condos in Back Bay. From 2009 to 2010, the number of sales increased by 38.5 percent, and the average price per square foot increased by 6.3 percent. In this kind of market, that’s fairly significant. The average price per square foot for units sold above $1 million is now $978, up from $920 just last year.
Looking at all of Back Bay property (not just $1 million-plus), the market still looks good. Sales rose by 20.7 percent and the average price per square foot increased 4.3 percent.
For the Boston Common market, the number of sales increased by 19.4 percent, but the average price per square foot fell – but by a paltry 3.6 percent. Beacon Hill remained very stable. The number of sales slipped by 6.1 percent, but prices per s/f decreased less than 1 percent.
It’s a similar story for Charlestown, where the number of sales fell 4.38 percent, and average price per s/f fell less than 1 percent. Fenway had no real change in price per square foot, and sales fell off 14.17 percent.