Top Trends in the Condo Market
Compass released their Q4 Boston Market report and The Caulfield Properties Team has sifted through the data to bring you the top trends in the condo market. While the fourth quarter saw an increase of 17% in the number of listed units, the market still remains under-supplied, a good sign for the many developers with projects under construction now. Pricing reached a post-recession high in Q2 of 2018 and may have dipped slightly since then but still up year over year.
Let’s take a closer look at a few of the hottest neighborhoods in Boston:
In South Boston, the 4th quarter saw 114 condo closings with a median sales price of $721 per square foot. The booming neighborhood continues to add projects, like 14 West , which was completed in November 2018, but buyers are snapping up these condos with just an average 45 days on market. Residents continue to be drawn to the area for its social scene, easy access to downtown, and great recreation options including Castle Island and Carson Beach.
The Back Bay saw an increase in closings year over year with 70 condos closed during Q4 2018. There was also a slight uptick in the price per square foot in this tiny neighborhood. Units closed here spent an average of 39 days on market. With limited land available, developers are now renovating existing brownstones like 80 Commonwealth to provide the high end finishes mixed with historic charm buyers in this neighborhood are looking for.
While much of the construction that has already changed the face of Boston’s Seaport has been office space or rental units, larger condo projects are now coming to market causing a big upswing in closings and inventory for the neighborhood. These luxury projects, like EchelonSeaport and The Muse have also driven up the average price per square foot from $893 in Q4 2017 to $1231 in Q4 2018. With even more high-end product in the pipeline (The St. Regis Residences, Boston) there doesn’t seem to be a slow down in site along the waterfront.
While many neighborhoods are showing a lower number of closings year over year the market still remains tight with increasing prices per square foot in most areas and units on average only spending 22 days on market. With Boston’s population growing, The Caulfield Properties Team expects the condo market to remain strong and the new inventory to be absorbed quickly.
The Caulfield Properties Team is one of the top real estate advising groups in the Boston market, providing elite service to developers, investors, buyers and sellers.
The Caulfield Properties Team is one of the premier real estate advising groups in the entire Boston market. Working with seasoned developers and investors, first time home buyers, and everyone in between, The Caulfield Properties Team provides elite level service and attention to each of their clients.
With experience in all neighborhoods throughout the city of Boston, recent transactions have ranged from $200,000 to $10 million. They provide unparalleled market analyses, pricing strategies, and off-market information which their clients have come to appreciate.
Their unwavering commitment and determination to luxury service over the years has helped build their loyal client base and referrals network. The team’s access to information, particularly in the new development realm is second to none. For sellers, buyers, investors, and developers looking for the best possible advice and information, The Caulfield Properties Team adds unmatched value to your consumer experience.Caulfield Properties >>