Boston condo prices are still rising
Boston condo sales jumped to their highest first-quarter total in 16 years, according to a recent Douglas Elliman Downtown Boston market report.
Sales jumped 18% year over year in the first quarter to 637, the highest first-quarter total since 2006. The average square foot of a sale declined for the fourth straight quarter to 1,132 square feet, 9.1% below the same period last year.
The median sales price fell 16.6% below last year’s record of $1.01 million, the fourth consecutive quarterly decline. Listing inventory rose 44.9% year over year but fell 46.7% from the third quarter of 2020 in the wake of last spring’s COVID-induced lockdown.
The report also found condominiums are staying on the market longer — an average of 83 days — four days more than the same period last year.
Townhouse sales trended similarly, surging from last year during the first quarter and rising for the first time in five quarters. There was a 3.4% year over year drop in sales, while the average square foot of a sale was 18.6% below the year-ago period and down for the fourth straight quarter.
The median sales price of a townhouse fell 2.3% to just over $1.5 million for the fourth consecutive quarterly decline. Listing inventory increased 32.3% year over year but was down 51.2% from last summer’s spike.
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In its latest luxury market report, Redfin found that luxury home prices in the U.S. rose 7.4 percent year over year to an average of $1.76 million in the fourth quarter of 2017. The analysis tracked home sales in over 1,000 cities across the country to analyze the market for luxury homes, which it defines as the top 5 percent of most expensive homes sold in each city in each quarter.
The number of luxury homes sold around the country is quickly increasing, with sales of homes priced at or above $1 million rising 15.2 percent from a year ago, and the sales of homes priced at or above $5 million rising 13.7 percent.
These homes spent an average of 75 days on the market, eight fewer days than in the fourth quarter of 2016.
“The stock market hit all-time highs with gains in nearly every sector last quarter, instilling confidence among the wealthiest homebuyers,” said Redfin chief economist Nela Richardson. “As a result, we saw double-digit growth in luxury home sales in the last months of the year.”
Luxury supply saw three consecutive quarters of decline after the number of homes for sale priced at or above $1 million fell 23.8 percent in the fourth quarter of 2017 compared to the same period last year. The inventory shortage paired with increasing demand contributed to the trend of price increases in the market, causing the number of homes priced at or above $5 million to decline as well, with a 23.4 percent decrease over the same period.
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Condos around the Midtown area to rent:
Back Bay area condos for rent
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