Looking at the data from MLSPIN for Q1 2014, we see continued strenght in markets that are considered good "first-time buyer" markets for 1 and 2 bedroom condos. As in the other neighborhoods, cold weather and lack of inventory impacted sales. Please remember that the results are only from Q1 2014 while the other data points are from full-year activity.
South Boston condo market sale prices are on the rise.Â When compared to Q1 2007 and Q1 2012, we have seen steady increases on the overall average cost to purchase a condo in the market ($386K in 2007 vs. $453K in 2013) along with an average Price Per Square Foot (PPSF) cost of $446 in Q1 2013.
Looking forward to seeing what happens in Q2 2013 since the lack of inventory of available home for sales is reducing the number of sales - keep tuned for more info in this and other markets Buyer Agents of Boston serves.
If you have questions about the South Boston market or any other market Buyer Agents of Boston serves, just send an e-mail to email@example.com
This St. Patricks Day, it won't just be glasses of green beer thatÂ are being raised high over in South Boston - the price of condos has also risen substantially over the past 6 years.
When working with clients, I always like to look at the prices over a 5-7 year period since that is the typical time that most people spend in a home.
Over the past 6 years the average price of a one-bedroom condo purchased in the January 1 - March 1 timeframe in South Boston (based upon information contained in the MLSPIN system) has risen 8.9%. Back in 2007 the average price was $272K and in 2013 it was $297K.
If you think that is impressive, in the same time period a two-bedroom rose 24% from $392K to $488K.
Thinking about buying a new home in South Boston? Just give me a call at 617 447-0709 or e-mail me at firstname.lastname@example.org and we can get started right away.