Weekly report 10 31 2014

Ten months of continued upward pressure has driven the Average and Median selling price of a Downtown Boston condominium to all-time highs. As of the last day of October the average selling price was 17% higher year-to-date while the median was 14% above 2013 year-to-date. The last time the Downtown Boston market experienced double digit increases in average and median prices Jamie Foxx was staring in Ray and the ”Desperate Housewives” were the talk of television. That was ten years ago, if you are not up on your pop culture, and Boston was looking at a number of new construction residential buildings which just had received certificate of occupancy. The list included Atelier 505, Grandview and One Charles. The additional inventory and strong demand helped propel the total sales volume for 2004 to an annual all time high of $2,560,371,087, a record that held until last year. The downtown Boston market is still a year to a year and a half away from any appreciable new construction inventory. Sepia in the South End and Millennium Tower Boston in the Midtown are due late 2015 and mid 2016 so little relief can be expected for those buyers who see they are getting priced out of the market.

Keep abreast of the Downtown Boston real estate market, follow @OtisAhern on twitter.