We all thought that the real estate market was hot in 2013, but turns out it was just warming up! Here's a breakdown of the facts and figures for Quarter 1 of 2014:
The average price of condominiums in the South End dipped slightly since the first of the year, but the median is higher than it was in December. So, while some condominiums in March sold for less than those four months ago, most condominiums are selling for more--almost $60,000 more.
A year-over-year comparison puts it in perspective:
The average price of a condominium this quarter is almost 9% higher than it was over the same time in 2013, and 19% higher than it was in 2012! The increase in median price is even more impressive: the median price for condominiums sold this quarter was almost $110,000 higher than in 2013--a 15% increase--and almost 25% higher than the year before.
Despite the increase in number of listings, the average days on market for both condominiums and single-family homes declined. As we move into the Spring market, the total number of transactions in March was over 40% higher than in February.
Single-family homes, a rarity in the South End, accounted for just 6 of 106 transactions in Q1.
The average price per square foot for condominiums in the South End is just under $700, showing a steady year-over-year increase. Keep in mind, averages can be misleading and are not indicative of what a top tier property can produce. Choice real estate commands as high as $1,000 per square foot or more.
If you're ready to take advantage of this booming market, please contact us at 617-861-3636 or email us at firstname.lastname@example.org. We look forward to hearing from you soon!