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Centrality Over Space: Condo Prices Surge Ahead of Single-Family Homes

The numbers confirm the zeitgeist, as condo sales sail ahead of single-family homes throughout Boston and beyond in key areas of the state.

While the Boston home price increase of 3.7 percent fell below the national average of 5.3 percent in February, luxury condos have driven the median price above that of single-family homes in the region for the first time since 2012. Condo median prices climbed 10 percent to reach $320,000 in March, beating the median price of single-family homes by $5,000.

But, those who are eager to get in on the homebuying action, don't get your hopes up too high. Home prices continue to rise twice as fast as inflation, according to the Boston Business Journal.

And it may not be that surprising, given the quick pace of sales of condos in the city to empty nesters, well-paid professionals, and international investors. The most popular places that are driving up sales? For the suburbs, it's Watertown and Needham. Closer in, South Boston, Charlestown, and downtown Boston and Cambridge are the hot spots.

The Globe reports that new high-end development, Pierce Boston in the Fenway has sales that are over 20 percent higher than the original target set by the developers. And Millennium Tower in Downtown Crossing is over 90 percent sold. But that success story is not being told everywhere; happy endings are found sporadically through throughout the state. Only 84 of the 295 neighborhoods, cities, and towns that are being tracked have recovered or exceeded their 2005 sales prices.