Downtown Boston condo prices have been, as a whole, steadily rising over the past 5+ years and it is no surprise that we are seeing this trend continue in the first 3 quarters of 2017. Below, I've broken down 2016 vs. 2017 condo sales/sq. ft. by neighborhood.
02110 (Financial District/Waterfront) saw the most growth in median price per square foot due to sales at the new Millennium Tower Boston luxury condo building located at One Franklin St. Sales prices ranged from $1200+/sq. ft. to just shy of $2700/sq. ft. The residences sold for prices from $1.59M to $9.75M. Sales from the Millennium Tower made up just under 50% of neighborhood sales as a whole in the first 3 quarters of 2017.
02114 (Beacon Hill/West End), 02108 (Beacon Hill), and 02109 (Waterfront) all saw $100+/sq. ft. increases in their median price per square foot sales.
02210 (Seaport) was the only downtown neighborhood that saw a decline down from a median square footage price of $944 in 2016 to $861 in the first three quarters of 2017.
The above data is a broad brush stroke across all price points. From this data, I focused on condos that sold for $1M+ in downtown Boston for the first 3 quarters of 2016 and 2017.
Many of the downtown Boston neighborhoods saw growth in the $1M+ market. However, 02113 (North End), 02109 (Waterfront), 02115 (Back Bay/Fenway), & 02210 (Seaport) saw a decline in median condo sales per square foot in this market. Here's what I found when I looked closer:
02113 (North End) had only one 1M+ condo sale in 2016 and four 1M+ condo sales in 2017. I don't believe there's enough data available to make a true market value assessment.
02115 (Back Bay/Fenway) offered residences from three luxury redevelopments in 2016 (The Hooper Mansion, Four51 Marlborough, & The Residences at the Harvard Club). As with many established neighborhoods in Boston, new ground-up construction is rarely, if ever, an option. The majority of these residences sold in 2016 for prices from $1350+/sq. ft. to as high as $2550+/sq. ft. In 2017, there was less high-end, luxury redevelopment offered which brought down the overall median. The highest price/sq. ft. sale in this neighborhood in 2017 was $2200+.
The Residences at the Harvard Club
The Hooper Mansion
Neighborhood size and inventory varies throughout Boston. It is no secret that space comes at a premium in this city. As a North End resident, I can tell you that my conversations on the playground typically go something like this:
"Do you plan to raise your family in the North End?"
"We would love to stay here, but we need more space and that's the one thing that's hard to get in this neighborhood."
Three bedroom homes in some of these neighborhoods, as evidenced below, are like unicorns.
02127 (South Boston), 02118 (South End), 02116 (Back Bay/Bay Village), and 02129 (Charlestown) saw the highest number of condo sales offering 3 or more bedrooms. Unsurprisingly, all of the above neighborhoods, with the exception of 02116, saw the most single family sales in Downtown Boston as well.
02210 (Seaport), 02113 (North End), 02109 (Waterfront), 02108 (Beacon Hill) and 02111 (Leather/Financial Districts & Chinatown) all offered single digit inventory when it came to residences with 3 or more bedrooms. The Seaport didn't see any sales of 3+ bedrooms in the first 3 quarters of 2017.
I expect to see the availability of larger residences increase in the Seaport as new developments continue to be approved. Echelon Seaport, located at 145 Seaport Blvd., broke ground this spring and is expected to be completed in January 2020. It will feature two towers with a mix of retail/restaurants, luxury condos, luxury apartments, and parking. Click here to request more information on these luxury residences.
Seeking a 2 bedroom condo? 02129 (Charlestown), 02118 (South End), and 02127 (South Boston) all saw sales of two bedrooms in the triple digits. The number of sales of two bedroom residences in South Boston hit 280 in the first 3 quarters of 2017.
Looking to expand your space or invest? I broke down the median price/sq. ft. for single family vs. condo sales (including # of bedrooms) for the downtown neighborhoods below.
I'll remind you that the price/sq. ft. in 02110 (Financial District/Waterfront) has a direct correlation to the recent Millennium Tower Boston sales with the 3 bedrooms being sold at a premium price.
One bedroom residences in 02113 (North End) and 02127 (South Boston) are selling at a higher median price/square foot than residences with 2 or more bedrooms in those same neighborhoods. With the proximity of these neighborhoods to the Seaport and Financial Districts, these neighborhoods are often high on the list for residents seeking to break into the Boston market for the first time and make their first purchase. Competition can often drive these prices above ask: supply and demand.
The median price per square foot on single family residences varies greatly from neighborhood to neighborhood and there has not been much of a fluctuation in either direction from 2016 to 2017. With so little inventory in the downtown neighborhoods, it does not take much to swing the median price up or down.
The lowest priced single family residences sold in Charlestown & South Boston.
The highest priced single family residences sold in Beacon Hill & Back Bay.
A savvy investment with a local and knowledgeable real estate professional on your team is important. The cost of entry into the Boston market is not low, but can be so rewarding.
Are you considering buying or selling in downtown Boston? I'd be happy to discuss your purchasing & sales goals with you. I know that choosing a real estate professional is an important factor in your success. I live and work in downtown Boston and understand the intricacies of amenities and locations and what they mean for the value of your home. I do my research and backup my answers and/or recommendations with data so we can make strategic decisions around your investment based on facts. You can find out more about me, my recent sales, and connect with me here.
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