Time to Put Your Condo on the Market.
There is no doubt that the Boston real estate market continues to boom according to the latest sales figures for the different neighborhoods. The condo market has continued to set sales records with the Back Bay neighborhood leading the way. Sales prices are also breaking records. Condo prices in the downtown market jumped to a new record high in the second quarter of this year for several reasons. A tightening inventory and increased demand for luxury units were partially responsible for the increase in prices. Buyers are looking for new luxury amenities like valet services and concierge services.
In the three month period ending in June, there was a 5.3 % increase in prices over the same period a year ago, according to LINK, a Boston company that tracks condo sales in a 12-neighborhood area. There was a 2.45 increase in the luxury condo market sales between April and June, according to LINK. Overall sales of condos have shown a slight decrease from last year’s sales due to a growing inventory shortage. Real estate professionals are predicting a continuing increase in prices for the foreseeable future due to falling inventories. This situation has caused sales to jump in some of the other Boston neighborhoods in recent months according to Debra Blair, Pres. of LINK. Blair predicts that prices will continue to rise for at least another 3-5 years when inventories are expected to start increasing again.