Downtown Boston Condo Sales Up 12% in 1Q 2012

The RESIS 1Q 2012 Downtown Boston Condominium Report shows sales transactions are up 12% over 1Q last year. The number of $1M+ transactions was the same as 1Q last year (73 this year vs. 74 last year), but the $500K-$999K transactions are up 26% and the Under $500K transactions are up 8%. Even with the Under $500K segment transactions up 8% over last year, that price segment is still capturing LESS of the Downtown Boston market share than in previous years (down to 49% of the market capture). The $500K-$999K segment is now 35% of the market and the $1M+ segment stayed close to its 1Q 2011 market share—at 16% 1Q this year vs. at 18% last year and 17% in 1Q 2010. The middle market price segment is capturing 5% more market share than last year as inventory Under $500K becomes more scarce in Boston and as lending restrictions loosen to allow for more financing opportunities for the young and middle-aged professionals that account for a large portion of that buying group.