Drops in Boston condo sales prices and volume obscure market’s strength

Boston condo sales volume and prices dropped in December 2014 compared to a year earlier, but only because last year’s sales included closings at the luxury Millennium Place condo project.

The Warren Group released condo and single-family sales data, earlier today. In Boston Proper, the median sales price dropped 25% while sales volume was 17% lower. For the year as a whole, prices were up 9 percent.

Dorchester sales volume was up 19% this year, compared to last. East Boston condo prices were up more than 30%, while Jamaica Plain’s market was relatively flat. South Boston had just the same number of condo sales in 2014 as in 2013, although the median price was up 9.33 percent.

Condominium sales statewide decreased almost 8.0 percent in December, marking the fifth time sales decreased year-over-year in 2014. A total of 1,587 condos sold, down from 1,718 in December 2013. For the full year condo sales were up slightly by 0.7 percent, rising to 20,614 from 20,468 during 2013. Condo sales fell by 6.6 percent in the fourth quarter, falling to 4,749 condos sold compared with 5,084 in the fourth quarter last year.

The median condo price rose 2.1 percent in December to $309,000, up from $302,593 a year earlier. The full year median price of condos in the Bay State was $310,000, up 4.0 percent from $298,000 a year ago. Fourth quarter condo prices fell 2.1 percent to $295,000 compared with $301,300 during the same timeframe last year.

Boston condos and real estate sales report for week ending January 25, 2015

The following is Boston Proper condo and real estate sales data for the month ending 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: 180 182 265 (246) 477 (455) (600) (817) (N/A)
Average days on market: 100 102 109 (116) 153 (155) (167) (157) (N/A)
Median list price: $1,685,000 $1,260,000 $899,900 ($899,900) $785,000 ($785,000) ($674,500) ($635,000) (N/A)
Average list price: $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: 82

Number of units sold (past 30 days): 77 96 98 (106) 87 (116) (71) (91) (65)
Average days on market: 47 61 77 (72) 125 (141) (126) (154) (119)
Median close price: $649,000 $740,630 $648,500 ($636,500) $563,000 ($578,500) ($720,000) ($550,000) ($425,000)
Average close price: $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% 97% (96%) 94% (93%) (90%) (93%) (92%)
Sales velocity: $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: The market is strong, but could be stronger if we had more inventory. (Don’t forget, last year’s jump in median price was due to the closings at Millennium Place.)

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 18, 2015

The following is Boston Proper condo and real estate sales data for the month ending 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: 177 176 246 (216) 472 (455) (587) (793) (N/A)
Average days on market: 106 103 116 (132) 156 (155) (169) (160) (N/A)
Median list price: $1,695,000 $1,312,000 $899,900 ($932,000) $785,000 ($785,000) ($669,900) ($635,000) (N/A)
Average list price: $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: 78

Number of units sold (past 30 days): 100 100 106 (134) 95 (116) (74) (95) (53)
Average days on market: 47 66 72 (86) 131 (141) (129) (163) (110)
Median close price: $765,000 $782,250 $636,500 ($707,500) $596,500 ($578,500) ($723,500) ($515,000) ($430,000)
Average close price: $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% 96% (96%) 94% (93%) (90%) (91%) (92%)
Sales velocity: $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: Activity is at similar level to last year at this time. The average days on market is even lower than then, though, the result of the very low level of inventory. (Look at how high the median list price is right now – that’s because nothing is for sale at lower prices.)

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 11, 2015

The following is Boston Proper condo and real estate sales data for the month ending 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: 182 169 216 (196) 455 (444) (554) (777) (N/A)
Average days on market: 106 109 132 (144) 455 (444) (554) (777) (N/A)
Median list price: $1,177,000 $1,299,000 $932,000 ($985,000) $785,000 ($795,000) ($659,500) ($639,000) (N/A)
Average list price: $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: 51 57
Average days on market: 60 63

Number of units sold (past 30 days): 107 115 134 (141) 116 (120) (102) (105) (76)
Average days on market: 49 63 86 (87) 141 (129) (122) (162) (108)
Median close price: $729,000 $718,000 $707,500 ($683,400) $578,500 ($562,500) ($743,750) ($538,750) ($454,500)
Average close price: $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: 96% 97% 96% (96%) 93% (93%) (92%) (92%) (93%)
Sales velocity: $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: Market is pretty-much flat, compared to a year ago. Slim pickings for any buyers out there.

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, 476 Beacon Street PH, Back Bay, Boston, Massachusetts, which recently sold for $5,850,000. Diane Keliher of Keliher Real Estate was the listing agent.

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

Boston Real Estate, 2014 in Review

It was a strong 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.

There was far 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 (inflated) 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”. The fall slow-down in deals was the result of this – plus, the usual drop off in activity in the fall due to fewer listings coming on as the weather cools.

Predictions for 2015? 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. They’ll continue to rent, perhaps in one of the new high-end apartment buildings recently completed or about to come on the market (Pier 4, Ink Block, Troy). Demand will mean those buildings will slowly fill up and absorption should return to normal by next year end.

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

Boston condos and real estate sales report for week ending December 14, 2014

The following is Boston Proper condo and real estate sales data for the month ending December 14 2014, December 15 2013, December 9 2012, (December 16 2012), (December 18 2011), (December 11 2011), (December 18 2010), (December 19 2009), and (December 18 2008) where available. All condominium closings recorded by our local MLS during the past month.

Number of units currently on the market: 197 203 254 (266) 499 (532) (617) (837) (N/A)
Average days on market: 95 100 132 (130) 157 (154) (173) (155) (N/A)
Median list price: $1,095,000 $1,270,000 $947,000 ($938,250) $749,900 ($764,450) ($689,000) ($639,000) (N/A)
Average list price: $1,766,424 $1,882,609 $1,519,866 ($1,528,593) $1,172,922 ($1,185,186) ($1,133,150) ($1,067,755) (N/A)

Number of units sold (past 30 days): 124 133 133 (132) 119 (110) (135) (133) (151)
Average days on market: 55 46 60 (58) 120 (118) (109) (127) (120)
Median close price: $790,625 $749,000 $749,000 ($727,500) $590,000 ($658,000) ($635,000) ($544,000) ($542,500)
Average close price: $1,035,861 $1,061,020 $964,303 ($983,985) $881,044 ($939,608) ($946,794) ($743,102) ($774,340)
Original list to close price: 98% 98% 95% (95%) 94% (96%) (96%) (92%) (91%)
Sales velocity: $128,446,778 $141,115,621 $128,252,267 ($129,886,009) $104,844,246 (103,356,830) ($127,817,244) ($98,832,520) ($116,925,270)

Thoughts: Very low inventory but total sales for the year reaches the same level as two years ago and is 2nd highest ever due to higher prices.

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 Avery Street #36E (Ritz-Carlton Towers), Midtown, Boston, Massachusetts. Kathleen Cook of Atlantic Assoc. Real Estate represented the seller and Elad Bushari of Bushari Group Real Estate represented the buyer. The home sold for $5,850,000.

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

Boston condos and real estate sales report for December 7, 2014

The following is Boston Proper condo and real estate sales data for the month ending December 7 2014, December 8 2013, December 9 2012, (December 2 2012), (December 11 2011), (December 4 2011), (December 11 2010), (December 12 2009), and (December 12 2008) where available. All condominium closings recorded by our local MLS during the past month.

Number of units currently on the market: 212 209 266 (275) 532 (555) (651) (847) (N/A)
Average days on market: 92 93 130 (128) 154 (153) (168) (155) (N/A)
Median list price: $1,084,000 $1,249,000 $938,250 ($939,000) $764,450 ($750,000) ($675,000) ($635,000) (N/A)
Average list price: $1,723,564 $1,831,799 $1,528,593 ($1,523,029) $1,185,186 ($1,178,797) ($1,118,000) ($1,054,655) (N/A)

Number of units sold (past 30 days): 113 127 132 (120) 110 (96) (122) (151) (88)
Average days on market: 52 47 58 (72) 118 (121) (119) (120) (108)
Median close price: $781,000 $749,000 $727,500 ($742,500) $658,000 ($652,500) ($661,250) ($542,500) ($500,500)
Average close price: $1,032,712 $1,003,881 $983,985 ($1,067,037) $939,608 ($865,114) ($930,785) ($774,340) ($677,665)
Original list to close price: 98% 99% 95% (95%) 94% (94%) (96%) (91%) (90%)
Sales velocity: $116,696,464 $127,492,944 $129,886,009 ($128,044,406) $103,356,830 ($83,050,930) ($113,555,738) ($116,925,270) ($59,634,560)

Thoughts: Very low inventory, now the “norm” – same as last 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 November 30, 2014

The following is Boston Proper condo and real estate sales data for the month ending November 30 2014, December 1 2013, December 2 2012, (November 25 2012), (December 4 2011), (November 27 2011), (December 4 2010), (December 5 2009), and (December 5 2008) where available. All condominium closings recorded by our local MLS during the past month.

Number of units currently on the market: 204 (wut?) 215 275 (288) 555 (587) (679) (879) (N/A)
Average days on market: 95 91 128 (128) 153 (154) (166) (153) (N/A)
Median list price: $1,134,000 $1,249,000 $939,000 ($899,000) $750,000 ($725,000) ($675,000) ($639,000) (N/A)
Average list price: $1,708,878 $1,784,128 $1,523,029 ($1,411,880) $1,178,797 ($1,136,962) ($1,114,030) ($1,054,209) (N/A)

Number of units sold (past 30 days): 129 108 120 (134) 96 (96) (110) (157) (115)
Average days on market: 53 50 72 (75) 121 (91) (115) (123) (104)
Median close price: $785,000 $655,750 $742,500 ($725,000) $652,500 ($558,750) ($636,500) ($544,000) ($530,100)
Average close price: $1,028,788 $958,478 $1,067,037 ($1,006,369) $865,114 ($814,535) ($944,077) ($780,072) ($638,607)
Original list to close price: 98% 99% 95% (96%) 94% (95%) (94%) (90%) (90%)
Sales velocity: 132,713,614 $103,515,666 $128,044,406 ($134,853,491) $83,050,930 ($78,195,896) ($103,848,475) ($122,471,294) ($73,439,850)($73,439,850)

Thoughts: Inventory level is still stubbornly low.

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.