The downtown Boston condo market continued its explosive growth in November 2012 when compared to a year earlier, according to data released today by the Warren Group.
Sales volume was up 55.88%. Median price, however, was down 7.64%. For the year, sales are up 21.01% and prices up 3.46%.
Brighton condo sales were up 108% compared to 2011 and are up 17.5% year to date. Median sale price was up 42% for the month.
Dorchester sales were flat although up 6% for the year. Year to date median price is up 15.53%.
Jamaica Plain condo sales volume dropped by more than 43%(!). Not sure what’s going on there. The prior month saw a 70% increase so is it just timing? Year to date sales are up 26% while median price is up 4.23%.
South Boston condo sales were down 12% for the month (but up last month and year to date up 37%) while median price is up 6.68% for the year (but flat in November).
Both buyers and sellers would benefit from more inventory on the market. Buyers would have more properties from which to choose while sellers would be able to take advantage of built-up demand.
What will happen in the new year? Will owners sell their properties? If so, where will they go? Into more-expensive properties or to the suburbs?
Author: John Keith
John A Keith is a licensed real estate broker in Boston, Massachusetts. He helps buyers and sellers of condos and single-family homes in all of Boston’s neighborhoods.
He is also a writer whose work has appeared in South End News, Boston Courant, Back Bay Patch, and Boston Herald.