BlueTrim Blog: Boston» Blog Archive » Condo prices fall in city, during 2nd quarter, 2006

Condo prices fall in city, during 2nd quarter, 2006

From The Boston Globe:

Condominium sales for downtown Boston and adjacent neighborhoods such as the Back Bay and the South End fell 12 percent as the median selling price declined 4 percent to $454,500, according to a second-quarter sales summary issued yesterday (July 28, 2006) by Listing Information Network, or LINK.

LINK, which tracks sales in such neighborhoods as downtown, Charlestown, the Fenway, the North End, and South Boston, reported that the number of condos sold during the second quarter was 1,048, down from 1,196 a year ago. The second-quarter median selling price for all neighborhoods that Link tracks was $454,500, down from $475,000.

The condo market may get very crowded, in the near future.

Local real estate company Otis & Ahearn, working with Pam McKinney of Byrne McKinney & Associates, a real estate consulting firm, recently completed a market analysis that estimates that between 2004 and 2008, 3,979 condominiums will have been built in many Boston and East Cambridge neighborhoods; 60 percent have been purchased or reserved.

Source: Downtown condo sales drop 12% - By Chris Reidy, The Boston Globe