Boston condo sales down
High mortgage rates and low inventory are taking a bite out of Boston’s condo for sale market.
Condominium sales in the city declined by 20.5 percent in the first quarter compared to the same period last year, according to a report by Berkshire Hathaway Homeservices’s Warren Residential brokerage reported by Boston.com.
1st Q of 2024 Boston condo sales market
In the first three months of the year, there were only 574 condo transactions, a significant drop from the 722 deals in 2023’s first quarter. Brokerage head Nick Warren attributed the decline in activity to similar phenomena seen across the country as mortgage rates remain elevated when compared to the early pandemic and inventory remains historically low.
The number of sales since the first quarter of 2021 has declined by 46.1 percent. There were more than 1,000 condo deals in the first January-to-March period enhanced by the housing boom to come out of the pandemic’s initial onset.
It would take 2.63 months to sell Boston’s condo inventory in the first quarter, a supply increase of 21.2 percent year-over-year.
Boston condo for sale prices increased
The average condo sales price in Boston increased by 6.1 percent year-over-year in the first quarter, coming out to nearly $1.1 million. Three neighborhoods – Waterfront, Allston and Jamaica Plain — felt an annual price increase of more than 25 percent each, though only the latter recorded more than a dozen sales.
Broken out into neighborhoods, South End saw the most condo transactions with 52 in the first quarter, one more than South Boston. Mattapan and Bay Village were quieter with two deals apiece, Mission Hill had a lone sale and Roxbury didn’t see a single one.
Many renters are making the jump straight to the suburbs and skipping the interim step sometimes seen of city condo ownership, according to Warren. He added that sales across the board are depressed as people don’t want to sell the 2 and 3 percent mortgage rates they landed during the beginning of Covid.
Click Here: Back to Boston Real Estate Home Search
Back to homepage: Boston condos for sale
Ford Realty – Boston Real Estate Google Reviews 2019 – 2024
Byline – John Ford – Boston Seaport Condo Broker.
Boston Seaport Condos for Sale 500k and above
Boston Seaport Condos for Sale 500k and above for Boston Seaport Condos for Sale in 2024.
Beds
Baths
SqFt
Beds
Baths
SqFt
Beds
Baths
SqFt
Beds
Baths
SqFt
Beds
Baths
SqFt
Beds
Baths
SqFt
Beds
Baths
SqFt
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
________________________________________________________
Boston condo sales down
Early signs indicate that the number of Boston condo sales will be lower this year compared to last year.
1/1/07 – 12/12/07 – Number of Boston condo sales 4,360
1/1/08 – 12/12/08 – Number of Boston condo sales 3,685
_______________________________________________________
Boston condo sales down
1/1/07 – 12/31/07 – Boston condo sales for the year 4,524
1/1/08 – 12/12/08 – 3,685 condo sales – 426 under agreement
Where is Ford Realty Located?
Ford Realty is located in 137 Charles Street in Beacon Hill
Byline – John Ford – Boston Seaport Condo Broker.
