Q3 2016 Condominium Sales Reports for Metro Boston (Back Bay, Beacon Hill, Fenway, Midtown, North End, Seaport, South End, Waterfront and West End)
Campion and Company, The Premier Luxury Boston Real Estate Brokerage consistently delivers the most comprehensive and objective market research and insights available.
- As anticipated, Millennium Tower closings have had a significant effect on Metro Boston's 3rd Quarter and year-to-date sales. Nearly 90% of the Millennium Tower residences have hit public record, averaging over $1,400 per square foot.
- Including Millennium Tower: Both average and median sales prices in Boston's urban core rose nearly 50% above their year-ago levels.
- Excluding Millennium Tower: Average and median sales prices were up 14% and 12%, respectively.
- Millennium Tower is just one example of a new building completion that has helped push the number of Metro Boston sales up over 50% over the previous year. Excluding just the Tower, however, sales volume in Boston's core urban market is down 6%, due to factors such as ongoing inventory constraints and general uncertainty of an election year.
- Even with election year slow-downs, a robust seller's market continues, particularly for properties priced below $3M.
- On average, properties sold between $1M & $2M trade for 99.4% of list price.
- Luxury properties sold above $3M trade for 93% of list price.