In Downtown Boston Q3 Condo sales were off the charts
If I did not do the math twice, I would not believe the numbers. Sales of condominiums in the third quarter of 2012 were up 35% over third quarter 2011. I went back and ran the sales data through Excel...still, Sales of condominiums were up 35%. For the first three quarters of the year, total sales are ahead of 2011 by 27.83% with the median selling price at a decades long high of $490,000. The previous end of Q3 high was $473,500 in 2008 while last year the end of Q3 high was $466,500. To say the Downtown Market is cooking with gas could be an understatement, it is definitely hot-hot-hot.
Our neighbors to the south, in Manhattan are experiencing the same market conditions. According to the New York Times: " Manhattan apartment sales rose in the third quarter of 2012 to the highest level since the financial crisis began, despite low inventory, as demand and consumer confidence strengthened, according to reports that will be released by New York City’s major brokerage firms on Tuesday." You will remember that the Financial crisis hit in September of 2008 with the collapse of Lehman Brothers. The article continues "the number of Manhattan apartment sales in the third quarter rose to 2,790, up 12 percent from a year ago"
It is difficult to argue with the data that housing, at least in Boston and other Gateway cities is well on the way to recovery.
Here is an Update 10-12-2012 from the Boston Herald: "Third-quarter condo sales in Boston continued to show momentum in the downtown market with the median condo price rising 6 percent to $625,000 from $583,750 compared to last year, according to Multiple Listing Service PIN." Don't say we didn't tell you....