According to Barry Bluestone, Director of the Dukakas Center for Urban and Regional Policy at Northeastern University, “We are seeing the real signs of a recovery in the housing market.” He went on to say “the feeling out there is prices are not going to soften anymore.”
Condo values in Boston reached a record high during the second quarter of this year with buyers driving up values while taking advantage of the low mortgage interest rates. The median price in a dozen of the downtown neighborhoods climbed to $515,000 during the three months that ended June 30th. That means that half sold for more than that price and half sold for less.
The previous peak was $498,500 and that was in 2008. The neighborhoods included Beacon Hill, Fenway, North End and South Boston. Acceptance of and the new popularity of urban living coupled with a limited inventory helped contribute to the sales surge.
Many experts contribute the increase in sales to the area and location, with many of the neighborhood locations ideally close to public transportation, the arts and new restaurants.
There is no doubt that many of the condo buyers are younger and more open to being able to walk downtown, to the store, restaurants, and entertainment and still be close to the trains.
Now many buyers are complaining that the inventory just isn’t there and many real estate agents and Realtors are loosing sales because they don’t have what the buyer is looking for.
It looks like the real estate market in Boston is still in for some “trying times” in the near future.