Is Boston becoming a million dollar sale market?
March 6, 2014
Is Boston becoming a million dollar sales market?
Year-to-date 2014 Boston condominium data shows an average sales price of $937,322. This new average sales price is just over 20% higher than the average sales price for 2013, which itself was a record-breaking year for average sales price at $774,728. The under $500,000 sales to date for 2014 accounted for only 31% of the sales, the lowest market capture ever for this price category. The million dollar and higher sales year to date for 2014 account for 30% of the condominium sales. This is double the market capture for million-dollar and higher sales versus last year. However, the 2014 early closings are skewed by the abundance of Millennium Place closings that have occurred in the first quarter of this year. Approximately 50% of the million dollar and higher sales that have occurred so far in 2014 were at Millennium Place.
If we take out the 59 closings that have occurred so far in 2014 at Millennium Place, the year to date average sales price becomes $837,441, which is still a significant 8% percent higher than the 2013 average sale price.