Most Hull condos are located within easy reach of Boston and walking to restaurants is easy. Compare this to houses in the area and even at higher prices, the condo might win your vote. Other houses in Hull are up to 6 miles out on the peninsula and with a little traffic, this can significantly add to commuting time or time to get to the hospital in case of emergency.
I think you will find those units price off of other sold condos in Hull. They seem to be priced based on similar sold units at similar price per square foot models. But remember you are looking at offered prices, not sold prices. If you think differently of a price, than you are free to make that offer. Perhaps you will find that you may just get that price.
Your question is one that does warrant consideration.
You generalization is true for the most part. One would think prices should be declining following the market trend.
We are often reminded that it is the buyer that creates the market since the typical informed buyer will not pay more for a property than a property is worth to them. With this said, the result of buyers arriving a price levels that are acceptable to them only occurs when sellers are willing to accept lesser amounts for their homes.
There are isolated locations where the owners feel they do not need to sell their homes for lower prices and refuse to list or list at discounted numbers. They have elected to try to ride out the storm. Only time will tell if this approach will work out.
No, it doesn't have anything to do with the by-laws. Financially secure people enjoy options other don't. Waiting without needing to sell at "fire sale " prices tends to hold prices as they were.