Things aren't as strong as they were in the spring, but the condo market in choice downtown neighborhoods like Back Bay, Beacon Hill, Bay Village, the North End and the Leather District picked up considerably in the last few months. A new analysis of data from LINK and MLS-PIN by brokerage Gibson Sotheby's shows marked pick-ups in total sales and median sales price, perhaps the best measure of the market's health (from a seller's perspective, at least). Take a look:
The number of properties going under contract from Oct. 15 to Nov. 15 was higher than during the same period in any of the last few years. Overall in the third quarter ending Sept. 30, there was a 21 percent annual increase in the number of condos, single-family, and multifamily properties sold in the choice downtown neighborhoods, from 785 to 967.
And! The median sales price for these properties in the third quarter was $539,620, compared to $529,500 in the same period in 2010. Gibson Sotheby's said more sales at the higher-end drove the increase. Indeed, the number of properties that traded for at least $1M jumped 11.7 percent annually in the third quarter.
· Boston Real Estate Market Report [Boston Realty Web]
· Back Bay, South End Condos [Curbed Boston]