Boston Homes
- Page 25
City condo sales down in Q1

Continued from page 24

 

in that category in this neighborhood.

 

The year started with 26 condos on the market and that number has since climbed to a healthy 42 now available.

 

North End

 

In this neighborhood, 11 condos sold in the first quarter – down 31 percent from last year’s opening quarter. The average selling price dipped 15 percent to $606,182 and the median slipped 14 percent to $489,000.

 

The price per square foot went down 16 percent to $860 and the median PSF dropped 9 percent to $892. However, the PSF is still higher than it was prior to the first quarter of last year.

 

There is still high demand for North End homes, 33 percent of which sold higher than the asking price. The seven homes that were on the market in March are two more than was a year earlier.

 

Seaport

 

Sales in Seaport sunk 66 percent to 23 homes sold in the first quarter as compared to last year’s opening three months. The average selling price was down 61 percent to $1,085,413 and the median dropped 65 percent to $939,000. The average PSF went down 46 percent to $830 and the median PSF fell 50 percent to $784.

 

The drop is explained by supply, which suggests that once people move into this desirable neighborhood, they do not want to leave. Only 10 units were on the market for most of the quarter – a low point that hasn’t been seen here in a long time.

 

South Boston

 

South Boston remains a very popular neighborhood for home shoppers. During the first quarter, 102 units were sold, although that is down 25 percent from last year at this time. Nevertheless, this was the top selling neighborhood in the city.

 

The average selling price slipped 9 percent to $733,456 and the median dipped 8 percent to $676,500. The price per square foot rose 5 percent to $727 and the median PSF went up 3 percent to $723.

 

Last month, 23 percent of the homes went for above the asking price – a very good number for home sellers during this time of year.

 

There were more homes on the market this past January than a year earlier – 33 as compared to 20.

 

As the weather improves, this market usually heat ups as well.

 

South End

 

Even with a drop of five percent, the number of sales in the South End was still impressive with 84 sold. It was the second most popular neighborhood in the city for sales in the first quarter.

 

Both the average selling price ($1,269,456) and median selling price ($1,095,000) similarly matched the first quarter of last year.

 

The PSFs were also around last year’s marks at $1,010 average and $1,047 median. With demand still outweighing supply, 26 percent of the units sold for higher than asking price.

 

In March, 53 units were on the market – up slightly from 48 last year in March.

 

Waterfront

 

The Waterfront saw sales drop 45 percent to 22 as compared to 40 during the first quarter in 2018. However, the average selling price leaped up 43 percent to $1,452,855 and the median rose 41 percent to $1,210,000. The average PSF ($1,023) and median PSF ($1,003) were both up 6 percent.

 

Twenty nine condos were on the market in January, maintaining consistency over the past few years. In March, 36 units were available – higher than normal for that month.

 

West End

 

The number of sales in the West End fell 61 percent to seven. The average selling price ($644,714) slipped 13 percent and median selling price ($502,000) dropped 25 percent.

 

The average selling price per square foot rose 8 percent to $769 and the median square foot price fell 4 percent to $623.

 

There wasn’t much to buy in the West End. The first quarter inventory included only two homes.