Caulfield Properties Condo Market Update

As several major condo projects like One Dalton and Pier 4 wrap up construction and others like EchelonSeaport expected to open later this year, let’s take a quick look back at how the condo market has been performing thus far in 2019.  For the first quarter of the year, the median price per square foot across the city was up 9.3% YOY to $551. The hottest neighborhoods in Boston, however, are well above that average with Back Bay, the Financial District, Beacon Hill, the Seaport and Downtown all coming in at double or even triple that average.  As more of these luxury projects continue to see closings, we expect to see the average sale price and price per square foot continue to climb. Across Boston, inventory was down during Q1 2019 with a total of 1246 listings, nearly a 15% decrease from 2018. While the average number of days on the market across the city did increase by around 26% YOY, the count is still only at 33, as product continues to move at a swift pace. 

Other notable projects completed this year include 232OC in South Boston just across from the upcoming Washington Village and The Muse in Fort Point, down to just 4 available units.

While Q2 has not officially closed, we have seen a continued steady flow of activity and expect these strong trends to continue.  For more expert market analysis, contact The Caulfield Properties Team, Boston’s Multi-Family experts, or visit their website at https://www.caulfieldproperties.com/.

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