Apparently, Boston is not suffering from the slump in the national real estate market.
June could be particularly strong, with the average sale price for a condo in the downtown area at $784,335, an increase of about 37 percent over June 2006 figures, according to preliminary numbers from the Listing Information Network (LINK).
Median prices for the same period increased by about 10 percent.
In all, condo sales volume for April, May and June was up by about 2.3 percent, to 1,101 condos, compared to the same period last year.
Final 2nd-quarter figures have not been released by LINK.
I’m not sure why the average sales price this June would differ so much compared to last year. There were no high-end projects opening this year. (Macallen Building closed this year, but considering sales there have totaled less than 75 units, so far, I don’t think it’s skewing the data.) The jump may be more the result of last year being bad, versus this year being good.
While volume of sales seems constant, compared to last year, it’s worth remembering that last year was off from the prior year, 2005, by as much as 20%, during the second quarter.
Of course, it’s worth remembering that 2005’s volume was a big jump from 2004 and 2003.
So, we’re basically returning to a normal sales cycle.
Source: Hub areas buck trend: Downtown condo sales, prices up – By Jay Fitzgerald, The Boston Herald
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