2008-2009 Summary of the Boston Real Estate Market
Looking at this 2009 chart breaking down condo prices in Boston neighborhoods, we are now hoping that the bottom of the Boston market is not looking so bad. Here's why:
First of all, there are a fairly healthy number of sales considering the economic climate.
Secondly, if the construction of new luxury buildings (such as "The Mandarin" on Boylston Street) are taken out of the equation, the double digit percentages would be substantially lower than is currently shown the last 2 quarters of the year in Back Bay.
Additionally, the high numbers evident in the first two quarters of The Waterfront are due to The Fairmont Battery Wharf project development.
Condo Prices in Boston Neighborhoods
Lastly, in comparison to the rest of the country, an average selling time of 3 and 1/2 months is manageable for most sellers.
So take heart Boston, and remember what comes down must go up - and the "down" is all relative!
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