Boston Real Estate News

Another Record Year for Campion and Company

We are pleased to report another banner year, having closed over $460,000,000 in residential real estate in Boston and the surrounding towns. Last year, we had the top market share in the city for condominiums and single-family homes priced above $1,000,000, as well as for all properties priced above $1,000 per square foot. We look forward to many more successful collaborations with buyers, sellers and developers in 2018.

Over-Ask in 2017: Back Bay

Back Bay remains one of Boston's most desirable residential neighborhoods, as evidenced by the number of transactions that take place at or above a property's asking price.

On average in Back Bay during 2017....

  • All studios traded 2.3% above asking price
  • All 1-bed condos traded 0.5% above asking price
  • All 2-bed condos traded 0.5% below asking price
  • All 3-bed condos traded 2.5% below asking price
  • All 4-plus-bed condos traded 6.1% below asking price

   By price point...

  • Condos that closed between $500,000 and $1,000,000 traded 0.9% above asking price
  • Condos that closed between $1,000,000 and $2,000,000 traded 1% below asking price
  • Condos that closed between $2,000,000 and $3,000,000 traded 2.6% below asking price
  • Condos that closed between $3,000,000 and $4,000,000 traded 2.6% below asking price
  • Condos that closed between $4,000,000 and $5,000,000 traded 4.8% below asking price
  • Condos that closed above $5,000,000 traded 5.6% below asking price

All condo types in Back Bay sold for 99.5% of asking price in an average of 48 days. In 2016, for comparison, condos sold for 98.5% of asking price in an average of 59 days.

Multiple offer scenarios and bidding wars are likely to remain a common occurrence for those looking to purchase in Back Bay, particularly for properties in or below the $1M - $2M range. 

Source: MLS

 

416 Marlborough Street, Unit 3. Sold over asking price by Campion and Company.

416 Marlborough Street, Unit 3. Sold over asking price by Campion and Company.

Top Townhouse and Single-Family Sales of 2017

Boston’s 10 most expensive townhouse and single-family sales of 2017

Back Bay, Beacon Hill and South End contain the city's top townhouse and single-family sales. Properties marked with an asterisk (*) represent sales for which Campion and Company represented the Seller and/or Buyer. 

Selling Price       

Address                            

Area                   

Beds     

Baths     

SF           

Closed               

$13,000,000

197 Marlborough St

Back Bay

5

5+

7,575

11/30/2017

$8,000,000

6 Mt Vernon Pl

Beacon Hill

6+

6+

7,500

09/26/2017

$7,025,000

22 W Cedar St 

Beacon Hill

5+

4.5

5,365

06/20/2017

$6,850,000

9 Walnut St 

Beacon Hill

5+

4+

6,032

07/31/2017

$6,600,000

225 Beacon St*

Back Bay

5+

5+

6,383

03/21/2017

$6,000,000

144 W Canton St

South End

3

2.5

3,078

10/16/2017

$5,890,000

43 Chestnut St*

Beacon Hill

4

4

4,290

04/28/2017

$5,750,000

78 Mt Vernon St 

Beacon Hill

4+

3.5

3,750

07/24/2017

$5,325,000

29 Hereford St*

Back Bay

4

4.5

3,737

07/17/2017

$5,200,000

321 Beacon St

Back Bay

4

3.5

4,439

02/10/2017

Source: LINK

Top Condominium Sales of 2017

Boston’s 10 most expensive condominium sales of 2017

The city's top condominium sales are concentrated within Back Bay, Beacon Hill and Midtown and represent a mix of boutique and full-service homes. All properties except the sale at 25-27 Commonwealth Avenue are either brand new construction, or were recently built within the last few years.  

Selling Price       

Address                                                

Area              

Beds     

Baths    

SF           

Closed          

$17,200,000

25-27 Commonwealth Ave # 25

Back Bay

5

4+

7,554

6/22/17

$13,540,000

6 Newbury St # 301

Back Bay

4

6

6,095

11/15/17

$11,833,303

25 Beacon # B/PH*

Beacon Hill

3

3.5

4,044

9/27/17

$10,650,000

Millennium Tower # PH3B 

Midtown

3

4.5

4,110

11/30/17

$9,250,000

Millennium Tower # PH4E 

Midtown

3

4.5

3,435

6/22/17

$9,035,000

Whitwell, The # 5A 

Beacon Hill

3

3.5

6,129

2/24/17

$9,000,000

Millennium Tower # PH3E 

Midtown

3

4.5

3,435

9/15/17

$9,000,000

448 Beacon St # 8 

Back Bay

4

5

4,069

4/25/17

$8,950,000

Millennium Tower # PH3A

Midtown

 

 

4,172

1/12/17

$8,850,000

25 Beacon # 3*

Beacon Hill

3

3.5

3,583

9/26/17

*Indicates sales for which Campion and Company represented the Seller and/or Buyer. 

Source: LINK

Average Price Per Square Foot by Neighborhood in Boston

This snapshot provides average asking prices per square foot in 13 Boston neighborhoods. The prices listed are for the first three quarters of 2017, below which are the percent changes from the same period last year. 

For the neighborhoods in this analysis—which does not include all of the neighborhoods of Boston—the overall price range for the city through September ranges from $488 per square foot in East Boston to $1,219 per square foot in Midtown. Because Boston's product is very limited, individual buildings can have a large effect on price per square foot statistics. In West End, for example, the delivery of units at Forecaster 121 has helped to raise average pricing there over 22%.

Click the below graphic to expand.

Campion & Company Market Report: 3Q 2017

JUST RELEASED!

Q3 2017 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.

Download the 3Q - Boston Market Report Here

Campion & Company Market Report: 3Q 2016

JUST RELEASED!

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.

Key highlights:

  • 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.

Download the 3Q - Boston Market Report Here

 

Tracy Campion Ranked Among Top 10 Real Estate Sales Professionals in the Country

Tracy Campion of Campion and Company Named One of America's Top Real Estate Professionals By Real Trends in Conjunction with THE WALL STREET JOURNAL

Campion Had an Impressive $306,131,650 in Boston sales to earn her the #10 ranking in the nation.

For the fourth year in a row, Tracy Campion of Campion and Company was named one of America's top real estate professionals by REAL Trends in conjunction with The Wall Street Journal. She is a member of the "The Thousand Top Real Estate Professionals," a prestigious national awards ranking sponsored annually by the two respected publications. Campion is now ranked in the top one-half of 1 percent of the more than 1.1 million licensed REALTORS® nationwide.

The Thousand real estate professionals was announced with four separate categories honoring the top 250 residential agents and agent teams for excellence in:

  • Individual Agent--Sales Volume
  • Individual Agent--Transaction Sides (in each real estate transaction, there are two sides that can be represented by a real estate agent: a buyer's and a seller's.)
  • Agent Team--Sales volume
  • Agent Team--Transaction Sides

Click here to view Tracy Campion's ranking!

Campion and Company Market Report: 2Q 2016

JUST RELEASED!

Q2 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.

Key highlights:

  • Median sales price this quarter rose 6.5% above its year ago level to reach its second highest in history.
  • Average price per square foot increased 5.7% over last year, and 3.1% over this year’s first quarter.
  • The numbers of sales is up slightly as inventory levels surpass those of 2015.
  • South End has the highest transaction volume, followed by Back Bay & Midtown.
  • Properties sold between $1M & $2M are trading for 99.6% of list price.
  • Properties sold above $3M are trading for 93% of list price.
  • The overwhelming draw in the market now is toward newer buildings offering one-floor living, elevator access & garage parking. 

Download the 2Q - Boston Market Report Here.

Boston Real Estate Market Update, Spring 2016



Boston Spring Market Update

The spring real estate market in Boston is in full bloom! Here at Campion and Company we have over fifty properties under agreement and are well on our way to another record-breaking year. We are seeing increased buyer requests for showings, and many sellers are busy preparing to put their properties on the market. Campion and Company has also been selected by developer Carpenter & Company to market the new Four Seasons Private Residences One Dalton Street, Boston.
 
Market reports released this week based on condo sales in January through March show the number of citywide sales up 8% over the same period last year. Average prices throughout Boston also showed a substantial increase of over 12%. The completion of select new luxury condominiums, such as Twenty Two Liberty in the Seaport where 13 sales in the first quarter averaged over $3.6million and $1,700 per square foot, have influenced these numbers, but there is still no denying that Boston's wider market has been one of steady appreciation with limited available inventory since 2011. 
 

2016 First Quarter - Condo Sales Summary by Neighborhood

 
Neighborhood Sales Avg. Sale $ Avg. $/SF DOM
Back Bay 93 $1,299,124 $1,043 61
Beacon Hill 25 $1,049,636 $945 41
South End 106 $1,010,811 $863 47
Midtown 30 $1,285,780 $934 96
North End 10 $589,900 $702 58
West End 8 $519,082 $601 38
Waterfront 32 $1,143,723 $892 58
Seaport 25 $2,335,136 $1,264 30
South Boston 136 $643,611 $565 59
Fenway 19 $437,837 $763 24
Charlestown 52 $709,144 $629 48
 Source: Listing Information Network (LINK)
 
What does this fast-paced and competitive market mean for buyers and sellers?
 
For sellers, continued limited inventory and tales of bidding wars and over-asks point to an opportune time to list property. Even if you only purchased 2 – 3 years ago, it is likely that you have gained significant equity in your property. Contact us today, so we may meet with you to give you our opinion of value and marketing plan for your home or investment property.  

For many buyers in this market, concerns about pricing and having to compete with other purchasers are reasons to delay a property search. Buyers need not be disillusioned with the purchasing process, however, as there are still many opportunities to take advantage of right now. For one, getting to see properties as soon as they come to market, is something we strive to attain for our buyers, often putting property under agreement within the first week. Additionally, Boston is currently seeing an impressive array of new and upcoming luxury development properties to choose from. From Back Bay to Midtown, Waterfront, the Seaport and all areas in between, buyers now have a wide selection of properties with luxury amenities, high-end finishes and every convenience of city living. There is still an opportunity to be an early purchaser in many of these buildings, including a number of  Campion and Company Exclusive New Developments

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