2019 continues the upward trend of escalating sale prices for Boston condominiums. The average condo sale is now hovering above $1.4 Million and the median sale at $874,000.
As we move into the second half of 2019, the Boston condo market continues to lose inventory priced under $500,000. While 40% of the condos sold year to date were over $1 Million, a meager 10% was at or below $500,000. This disappearing inventory under $500,000 continues to draw people to neighborhoods outside of the central downtown areas to places such as East Boston, Jamaica Plain, and Dorchester.
At this point of the year, 14% of the sold condos have been over $2 Million and we expect that market capture to grow much higher before the year is out as One Dalton begins closings and the remaining 20% of Pier 4 is sold.
While million dollar sales and net prices over $1,000 per square foot are achieved in almost all of Boston’s central neighborhoods South End, Midtown, and Back Bay see the highest number of sales priced $1,000 per square foot. However, the largest number of sales transactions occur in South Boston, which captured 24% of the sales in Boston’s 11 central neighborhoods.