Boston condos and real estate sales report for week ending January 31, 2016

The following is Boston Proper condo and real estate sales data for the month ending January 31 2016, February 1 2015, February 2 2014, February 3 2013, (January 27 2013), (February 5 2012), (January 29 2012), (February 6 2011), (January 30, 2011), (February 6 2010), and (February 6 2009) where available. All condominium closings recorded by our local MLS during the past month.

Number of units currently on the market: 226 174 178 265 (265) 479 (477) 606 (600) (817) (N/A)
Average days on market: 107 103 97 112 (109) 150 (153) 163 (167) (157) (N/A)
Median list price: $1,799,000 $1,699,000 $1,222,500 $895,000 ($899,900) $795,000 ($785,000) $675,000 ($674,500) ($615,000) (N/A)
Average list price: $2,464,088 $2,107,671 $1,929,480 $1,429,482 ($1,436,795) $1,200,067 ($1,200,752) $1,104,381 ($1,110,902) ($1,076,424) (N/A)

Number of units under agreement: 91 88

Number of units sold (past 30 days): 92 77 86 75 (98) 82 (87) 69 (71) (91) (60)
Average days on market: 54 54 61 85 (77) 115 (125) 130 (126) (154) (118)
Median close price: $725,000 $790,000 $704,750 $755,000 ($648,500) $588,250 ($563,000) $727,000 ($720,000) ($550,000) ($400,000)
Average close price: $962,892 $1,186,340 $1,132,409 $1,107,026 ($1,040,393) $777,871 ($765,772) $971,922 ($985,524) ($813,355) ($719,786)
Original list to close price: 97% 98% 98% 97% (97%) 94% (94%) 92% (90%) (93%) (93%)
Sales velocity: $88,586,051 $91,348,180 $97,387,211 $83,034,420 ($101,958,545) $63,785,460 ($66,622,150) $67,062,617 ($69,972,184) ($74,015,290) ($43,187,183)

Thoughts: Good start to a great year.

This report includes sales and inventory information for condominiums located in the following downtown Boston neighborhoods: South End, Back Bay, Beacon Hill, West End, North End, Waterfront, Seaport District, Chinatown, Leather District, Midtown, and Fenway.

Data collected from third-party sources by the Multiple Listing Service Property Information Network, Inc.

Boston condos and real estate sales report for week ending January 24, 2016

The following is Boston Proper condo and real estate sales data for the month ending January 24 2016, January 25 2015 January 26 2014, January 27 2013, (January 20 2013), (January 29 2012), (January 22 2012), (January 30 2011), (January 30 2010), and (January 30 2009) where available. All condominium closings recorded by our local MLS during the past month.

Number of units currently on the market: 220 180 182 265 (246) 477 (455) (600) (817) (N/A)
Average days on market: 110 100 102 109 (116) 153 (155) (167) (157) (N/A)
Median list price: $1,795,000 $1,685,000 $1,260,000 $899,900 ($899,900) $785,000 ($785,000) ($674,500) ($635,000) (N/A)
Average list price: $2,472,344 $2,062,270 $1,979,738 $1,436,795 ($1,460,206) $1,200,752 ($1,184,587) ($1,110,902) ($1,076,424) (N/A)

Number of units currently under agreement: 75 82

Number of units sold (past 30 days): 83 77 96 98 (106) 87 (116) (71) (91) (65)
Average days on market: 49 47 61 77 (72) 125 (141) (126) (154) (119)
Median close price: $725,500 $649,000 $740,630 $648,500 ($636,500) $563,000 ($578,500) ($720,000) ($550,000) ($425,000)
Average close price: $915,095 $1,120,962 $1,166,321 $1,040,393 ($1,056,307) $765,772 ($749,384) ($985,524) ($768,759) ($664,689)
Original list to close price: 98% 98% 98% 97% (96%) 94% (93%) (90%) (93%) (92%)
Sales velocity: $75,869,862 $86,314,088 $111,966,861 $101,958,545 ($111,968,530) $66,622,150 ($86,928,554) ($69,972,184) ($74,015,290) ($43,204,787)

Thoughts: Winter market in full swing.

This report includes sales and inventory information for condominiums located in the following downtown Boston neighborhoods: South End, Back Bay, Beacon Hill, West End, North End, Waterfront, Seaport District, Chinatown, Leather District, Midtown, and Fenway.

Data collected from third-party sources by the Multiple Listing Service Property Information Network, Inc.

Boston condos and real estate sales report for week ending January 17, 2016

The following is Boston Proper condo and real estate sales data for the month ending January 17 2016, January 18 2015, January 20 2014, January 20 2013, (January 13 2013), (January 22 2012), (January 15 2012), (January 23 2011), (January 23 2010), and (January 23 2009) where available. All condominium closings recorded by our local MLS during the past month.

Number of units currently on the market: 214 177 176 246 (216) 472 (455) (587) (793) (N/A)
Average days on market: 110 106 103 116 (132) 156 (155) (169) (160) (N/A)
Median list price: $1,747,500 $1,695,000 $1,312,000 $899,900 ($932,000) $785,000 ($785,000) ($669,900) ($635,000) (N/A)
Average list price: $2,471,402 $2,056,943 $2,017,019 $1,460,206 ($1,525,049) $1,192,521 ($1,184,587) ($1,105,893) ($1,092,677) (N/A)

Number of units currently under agreement: 63 78

Number of units sold (past 30 days): 119 100 100 106 (134) 95 (116) (74) (95) (53)
Average days on market: 56 47 66 72 (86) 131 (141) (129) (163) (110)
Median close price: $780,000 $765,000 $782,250 $636,500 ($707,500) $596,500 ($578,500) ($723,500) ($515,000) ($430,000)
Average close price: $998,166 $1,159,736 $1,216,920 $1,056,307 ($1,058,070) $745,417 ($749,384) ($1,015,939) ($768,759) ($637,063)
Original list to close price: 98% 98% 98% 96% (96%) 94% (93%) (90%) (91%) (92%)
Sales velocity: $118,781,700 $115,973,588 $121,691,961 $111,968,530 ($141,781,363) $70,814,638 ($86,928,554) ($75,179,500) ($72,082,081) ($33,764,350)

Thoughts: It’s weird that the average close price dropped $160,000 from last year to this year. Not sure what numbers are throwing that off; doesn’t mean much.

Data collected from third-party sources by the Multiple Listing Service Property Information Network, Inc.

Boston condos and real estate sales report for January 10, 2016

The following is Boston Proper condo and real estate sales data for the month ending January 10 2016, January 11 2015, January 12 2014, January 13 2013, (January 6 2013), (January 14 2012), (January 7 2012), (January 14 2011), (January 15 2010), and (January 15 2009) where available. All condominium closings recorded by our local MLS during the past month.

Number of units currently on the market: 215 182 169 216 (196) 455 (444) (554) (777) (N/A)
Average days on market: 108 106 109 132 (144) 455 (444) (554) (777) (N/A)
Median list price: $1,795,000 $1,177,000 $1,299,000 $932,000 ($985,000) $785,000 ($795,000) ($659,500) ($639,000) (N/A)
Average list price: $2,554,223 $1,769,180 $1,938,534 $1,525,049 ($1,590,201) $1,184,587 ($1,195,748) ($1,115,584) ($1,104,290) (N/A)

Number of units under agreement: 57 51 57
Average days on market: 66 60 63

Number of units sold (past 30 days): 133 107 115 134 (141) 116 (120) (102) (105) (76)
Average days on market: 59 49 63 86 (87) 141 (129) (122) (162) (108)
Median close price: $790,000 $729,000 $718,000 $707,500 ($683,400) $578,500 ($562,500) ($743,750) ($538,750) ($454,500)
Average close price: $1,043,814 $999,745 $1,028,550 $1,058,070 ($993,946) $749,384 ($760,510) ($1,062,860) ($692,037) ($700,383)
Original list to close price: 98% 96% 97% 96% (96%) 93% (93%) (92%) (92%) (93%)
Sales velocity: $138,827,198 $106,972,763 $118,283,210 $141,781,363 ($140,146,430) $86,928,554 ($91,261,154) ($108,411,676) ($72,663,841) ($53,229,087)

Thoughts: Closings at 22 Liberty continue to drive average and median prices up.

This report includes sales and inventory information for condominiums located in the following downtown Boston neighborhoods: South End, Back Bay, Beacon Hill, West End, North End, Waterfront, Seaport District, Chinatown, Leather District, Midtown, and Fenway.

Above, 2 Commonwealth Ave PH-4, Back Bay, Boston, Massachusetts, which recently sold for $8,400,000. Tracey Campion of Campion & Company Fine Homes Real Estate represented the seller and Lili Banani of Coldwell Banker Residential Brokerage represented the buyer.

Data collected from third-party sources by the Multiple Listing Service Property Information Network, Inc.

Boston Real Estate, 2015 in Review

It was an extraordinary year for Boston real estate. Purchase prices for condos in the Boston Proper neighborhoods reached all-time highs, while volume was heavy for most of the year. A few (one?) new condo building opened while several uber-luxury developments moved closer to completion.

There was less activity in the fall than earlier this year, the result of very-low levels of inventory leaving many buyers waiting in vain for more product. Many would-be buyers would have been happy to pay the prices being asked by suave sellers but they were outbid. Some would-be buyers gave up (depressed, or in disgust) and decided, “Better luck next year”.

Predictions for 2016? More of the same, unfortunately. Not much inventory, heavy demand in the spring – what’s become the new normal in Boston real estate. No doubt median (and average) prices will continue to rise, but lack of new listings will mean many people will be unable to find homes to buy.

There isn’t much coming online in the way of new condo construction – with one exception. Millennium Tower should start welcoming its first residents in late summer with full occupancy perhaps as soon as year-end. That’s about it for large projects. Four Seasons on the Christian Science Plaza will won’t be completed until 2017; the same is true about 50 Liberty, which has barely broken ground. No other projects have even broke ground yet.

That will change, and we should see Simon’s Copley Place condo tower start rising; 40 Trinity, across the street, may as well. Don’t expect John Rosenthal to get his act together and have anything happen at Fenway Center. Don Chiofaro may end up getting approval for his Aquarium Garage project, albeit a smaller version. We should see the first tower breaking ground at Congress Street Garage. Oh, and the first tower (not residential) should get going at North Station. The Related Beal luxury condo building on Beverly Street in Bulfinch Triangle should be close to completion, but probably not opening ’til 2017.

Keep in mind, the data for 2015 is from our local MLS, and doesn’t include many “new” sales; namely, the 100 condo sales at 22 Liberty, where the average price was over a million dollars and average price per square foot probably in the $1,500-1,600 range. Those were sold direct to buyers, so didn’t show up in MLS. Those would put 2015 ahead of 2014 in sales, and, median and average prices for the year would be higher.

2015

# of condo sales: 1,569
Average days on market: 51
% from original list to actual sales price: 99%
Median Price: $795,000
Average Price: $1,141,776
Total Market Volume: $1,747,863,733

2014

# of condo sales: 1,622
Average days on market: 50
% from original list to actual sales price: 98%
Median Price: $741,750
Average Price: $1,047,787
Total Market Volume: $1,699,509,952

2013

# of condo sales: 1,807
Average days on market: 51
% from original list to actual sales price: 97%
Median Price: $665,000
Average Price: $932,956
Total Market Volume: $1,685,850,831

2012

# of condo sales: 1,878
Average days on market: 87
% from original list to actual sales price: 96%
Median Price: $616,250
Average Price: $855,389
Total Market Volume: $1,606,420,749

2011

# of condo sales: 1,545
Average days on market: 112
% from original list to actual sales price: 94%
Median Price: $575,000
Average Price: $808,647
Total Market Volume: $1,249,359,779

2010

# of condo sales: 1,515
Average days on market: 114
% from original list to actual sales price: 95%
Median Price: $575,000
Average Price: $827,835
Total Market Volume: $1,254,169,891

2009

# of condo sales: 1,347
Average days on market: 109
% from original list to actual sales price: 92%
Median Price: $535,000
Average Price: $722,143
Total Market Volume: $972,726,720

Data collected from thirty-party sources by the Multiple Listing Service Property Information Network, Inc.