Banner Year for South End Condos
David Bates / March 4, 2014-2:29 pm
If it’s a little too cold for you today, then you might want to stand by the South End condominium market. That market that is so hot, you’ll think you’re on the Equator.
According to my breakdown of 2013 MLS data, the South End sold an impressive 583 condominiums, up from 547 in 2012, and the most since 610 sold in 2007. Making the transaction total all the more impressive is that there were only 669 listings last year for buyers to choose from while in 2007 there were 893 to pick amongst. This is a clear indication that 2013 buyers were committed location, location, location when choosing their next home.
More impressive than the change in volume, was the change in the value of South End condos. The median price of a South End condo increased from $590K in 2012, to $650K in 2013. As a result, South End condos in 2013 were—on average– more valuable than Beacon Hill condos, the tony location which had a $636K median sales price in 2013. Incredible!
On the luxury front, the South End had 133 transactions top a $1 million sales price in 2013. That’s more than triple the amount of South End condos that reached seven figures in 2005, more than double 2011’s total, and around 50% more than closed in 2012. Double incredible!
At the elite end of the market, the South End totaled 20 sales of over $2 million, an amount that nearly equaled the total of $2+ million sales over the eight previous years combined (22). Incredible three-peat!
Clearly 2013 was one South End condo market for both the books and the ages.