Sales under $500,000 no longer in the majority

The number of Boston condo sales under $500,000 has been declining steadily over the last decade, and it looks like 2014 will be the year we finally see the under $500,000 price segment lose footing as the largest market segment. 

In 2004 the number of Boston condo sales under $500,000 represented 63% of all the sales. As we end 1Q 2014, the market capture of sales under $500,000 has reduced by half of what it was just ten years ago. Currently, sales under $500,000 account for just 30% of the sales transactions YTD 2014.

The total market share by price segment for 2014 is currently:

Under $500,000: 30%

$500,000 - $999,999: 41%

$1M+: 29%

This change in market capture isn’t simply a result of skewed market stats due to closings at Millennium Place. If the 82 closings that recorded in 2014 for Millennium Place are taken entirely out of the equation, the remaining market sales still fall predominantly in the $500,000 - $999,999 price segment.

Without Millennium Place, the market share by price segment is:

Under $500,000: 36.4%

$500,000 - $999,999: 46.4%

$1M+:16%

Click here to see historic trending of Boston condo sales by price segment.