of condos, single family, and multifamily properties sold in the core downtown neighborhoods* (see above) of Boston, to 967 from 785 during the same period in 2010 (Source: LINK).
Total sales volume in those categories increased by 17.5%. In 2011, 3rd quarter sales totaled $569.9m compared to $464.8m (The source for this data is MLS-PIN, which only counts multilisted properties).
Median prices have increased as well. Median for 3Q 2011 was $539,620, compared to $529,500 the year before. This has more to do with increased sales of high end property than any across the board increase on like properties.
Sales of luxury properties (condos, single family, $1m+) increased in these neighborhoods by 11.7%. from 117 to 127 in the third quarter.
Also, as you can see from the graph at the top, the number of properties going under agreement between 10/15 and 11/15/2011 was a bit. higher than it’s been in several years.
One of the leading reasons for this is the continued addition of jobs in the metropolitan area. In the period between July 2010 and July 2011, local employment rose 2.5%, more than twice the national growth rate. That’s an additional 60,000 jobs. Additionally, as has been well documented, interest rates have been at historic lows. 30 year fixed rate mortgage loans have been available for well qualified borrowers in the mid to high 3%’s.
For the full report, as well as neighborhood by neighborhood details, please click on Boston real estate report
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Tags: Back Bay real estate market, Beacon Hill real estate market, Boston employment, Boston luxury real estate, Boston real estate market, Luxury Boston real estate, South End Boston real estate market
