The large number of condos currently available in downtown Boston (357) is partially blamed for the recent new high rise condos being built.

However, I recently did an analyses sales throughout downtown Boston, during the third quarter of this year, transactions for properties with an asking price in excess of $1 million, have risen, when compared with the same time period of 2017. Of the 357 total on the luxury market for sale, which consists of properties with the prices in excess of $1,000,000, 58 sold in the 3rd Q 2018 compared to 41 in same months of 2017.

The increase in sales, which is centered solely on condominiums, is considered to be due to the completion of recently constructed buildings with luxury condos on the market. To try and get sales moving, many brokers have been dropping prices and offering deals. While median prices for condos and co-ops were higher this year than during the first six months of 2017, the report notes that prices have actually risen between 10 and 20 percent over the last two years. Prices of luxury condos have risen but recently they have remained stable until now.

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