Condo sales in the Hub are at their lowest point in eight years. A total of 2,888 condos sold through August. From 2004 to 2007, condo sales for that same period were averaging over 4,600, according to data collected by The Warren Group.
Sales in downtown Boston, which includes sought-after neighborhoods like Back Bay and Beacon Hill, totaled 1,023 in the first eight months of 2009 – which is the lowest number since 1995. (Although in 2001, there were 1,024 sales).
Developers of new unsold condominiums in Boston – like 45 Province, the Clarendon Back Bay, and the W Hotel and Residences – have to be nervous with numbers like that. I don’t think they’re going to be saying the words “sold out” in the near future.
If condo sales in a popular city like Boston are slumping, imagine what’s happening in other cities.
Source: Banker & Tradesman