Boston Real Estate Market Update, Spring 2016

By Tracy Campion
Posted Wednesday, Apr 27, 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.