2013 breaks Boston condo record for aggregate sales revenue

The 2013 year end Boston condominium numbers prove 2013 was an unusual year for Boston real estate. With a record-breaking $2.793 Billion in sales revenue, it exceeded 2012 by 20% and the last record year for sales revenue (2004) by 11%. Interestingly, 2013 was 11% higher in aggregate sales revenue than 2004, but 2004 still had 20% more sales transactions. Could 2013 have been even higher in sales transactions and even higher in aggregate sales revenue if more inventory was available in the market? Probably. 2004 had such a high volume of sales transactions due to the prevalence of new construction developments. Approximately 15% of the closings in 2004 were new developments, many of which had been pre-selling units for a couple of years prior to the building completion date and beginning of the closing cycle. 2013 less than 8% new construction closigs, and most of those closings were sold within the year, rather than as pre-sales during the construction phase. Click here to see the 13-year history of aggregate sales revenue for Boston condominiums.