The following is an excerpt from our Fall 2015 South End Stakeholders' Report, a report on the state of the South End real estate market and a glimpse into life in our neighborhood. You can download the full report here.
The overwhelming majority of residential properties sold this year in Boston have been condominiums, with only a small fraction of single- and multi-family homes contributing to the total sales. Over 95% of all residential property sales closed in the South End during the first half of 2015 have been condominiums.
The number of condominium sales transacted throughout the city in the second quarter of 2015 was considerably higher than during the first, with the South End tally doubling.
Higher and Higher
As demand has risen, so have sales prices for South End condominiums. Prices continued their ascent in the second quarter In fact, median sales prices for South End condominiums jumped to levels more than 150% higher than they were just 6 years ago. The South End has consistently performed above the average for Boston.
The price per square foot (PSF) for condominiums has also increased significantly over the past six years in Boston, especially in the South End, where average per square foot costs have now topped $850. As of the end of Q2 2015, South End condominiums sell for over $100 more per square than the overall Boston average.
Find this story and more in our Fall 2015 South End Stakeholders' Report. Read all about the latest real estate trends, forecasts, and an in-depth look at the South End community.