Top Residential Sales of Homes BostonFebruary 9, 2013
Last year was a great year for Boston luxury home sales. A record number of sales occurred in terms of both volume and sell price — many properties had extraordinary price tags, never before seen in Boston.
Real Estate Overview for 2012
A total of 93 Boston luxury condos and single family town houses in the Back Bay/Beacon Hill/ South End and Waterfront were sold in the price of range $2M to $3M.
Here’s a breakdown to further describe the state of the local real estate market:
- There were over 44 sales of similar properties in the best Boston neighborhoods between $3M and $4M
- 26 Sales were closed between $4M and $6M
- 12 Sales were closed between $6M and $15M
The volume of Boston luxury condos that sold under $2M was off the charts last year. Properties sold with multiple offers and over asking prices which means that properties selling over the market value, due to high demand and limited supply.
Who is typically buying homes Boston? The demographic has shifted tremendously in the last few years. The trend has changed now more young professionals and young families are staying in the city rather than moving to the suburbs. Boston has become an extremely child friendly place to raise a family. Additionally, empty nesters are drawn back to the city due to its appealing active cultural scene. New residents relocating from out of state also prefer to be in the city.
The high desirability of living in Boston paired with the low inventory has prompted a dramatic increase in sales. Bottom line for buyers: you need to be in higher income bracket to afford these new prices.