Boston Proper condo sales volume jumped dramatically in July 2015 when compared to a year earlier, according to data released earlier this week by The Warren Group, publisher of Banker & Tradesman. Volume was up 45.28 percent in June 2015 compared to June 2014. The median sales price increased 5.67 percent for the month. It now costs $727,000 to buy the typical condo in Boston.
The number of closings is surprising only because inventory has been so tight in downtown Boston. What it means is, there’s less supply from which to choose (inventory is down 75 percent from 2009, but buyers are settling for what they’re being offered – and willing to pay a pretty price (full-price) in order to do so.
The rest of Boston’s neighborhoods were a mixed bag when it came to sales volume and median prices, which is typical, since inventory varies more in college neighborhoods such as Allston and Brighton, and prices are usually high in middle-income and upper-income neighborhoods such as Charlestown. Dorchester’s volume and median prices vary from month to month because that neighborhood is Boston’s largest and is made up of many sub-markets, some of which are wealthier than other, which can have an affect, month to month.
Sales volume tripled in Allston this month. This was an anomaly, the result of a bunch of closings of investor units at 15 North Beacon Street. Brighton sales volume was down 17 percent, but up 23 percent in Charlestown. Dorchester sales volume was up 29 percent while the median sales price was up 12 percent.
Jamaica Plain’s median sales price was up 9.76 percent for the month while sales volume was up 43 percent. Median price paid was up this month but down last month by around five percent. The volume of sales in JP has been lower during the past several months and median price was affected because there were fewer sales in the higher-price ranges.
South Boston condo sales volume was up 21 percent. The median price was up almost 16 percent. Those are very strong numbers, reflecting the completion of several new buildings and higher-price range closings, as well as that neighborhood’s continued appeal to buyers.
For the state as a whole, the condo sales market in July was robust, seeing 2,794 sales, the most since August 2007. This month’s mark was a 20.07 percent increase from July 2014, which had 2,327 sales. July 2015 supplanted last month as the best month in the eight-year stretch. There were 2,764 sales in June.
The median condo price in July was $337,500, up 3.85 percent from July 2014, when the median was $325,000. Year to date the median condo price has is $316,685, up 0.86 percent from $314,000 at this time last year.
Year to date, there have been 12,132 condo sales through July, a 1.8 percent increase over last year’s year-to-date total of 11,917 sales, according to the Warren Group.
Boston Proper includes the South End, Back Bay, Beacon Hill, West End, North End, Waterfront, Chinatown, Midtown, Leather District, Bay Village, South End, and Fenway neighborhoods.