South End Boston Real Estate: Market Update 4/29/08  

Data courtesy of LINK-ONLINE
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Average $ per square Foot Quarterly

1st quarter (Preliminary): $539/SF
2nd Quarter in-progress as of 4/29: $603/SF. The jump for Q4/07 appears to be at least partially due to a large number of closings at D4, The Philippe Starck designed redo of the former area D4 police station at Warren and Berkeley, and more than a few high end sales at Atelier 505.

Closed Units per Quarter

Closed, 1st Quarter (Prelim): 143 units.

Under agreement,2nd quarter through 4/29: 
2008: 79
2007: 59
2006: 50  (MLS-PIN)

During the 4th quarter, the average selling price was 96.27% of last asking price. In the 3rd, it was 97.99% of last asking. .

Units that are finished nicely and represent a good value for the money will still sell close to asking. Units that do not show well, are not located well, are not marketed well, and are priced too high, are still just not selling.

Approx. average days on market units closed during the 1st quarter: 103
  4th quarter: 70.
3rd quarter: 91.  
 

Under Agreement Rate thru 4/15/2008: (MLS-PIN)

How much of the available inventory goes under agreement each month? 

The number of available condos as of 4/29/08: 232.The number of units on the market has come down significantly since 2006. Some of that is due to an increased level of sales/inventory absorption.

Average days on market for currently available units as of 4/29/08: 104. This has dropped by about 20 days since early March. This is to be expected this time of year.

Median Sale Price

1st quarter (Preliminary): $550,000.

2nd quarter in-progress thru 4/29: $675,000.

Average $ per Square Foot Yearly

The range  for 2007 was from about $240/SF to about $982/SF for a 2193 SF 3 bed, 2.5 bath unit at Atelier 505 (unit 414), which sold for about $2.155m.

It is important to remember that average $ per SF is really just an index. Value varies greatly according to location, condition, configuration, location in building, parking, condo association factors, etc.