Boston Massachusetts Real Estate Annual Report - Homes and Condos Sold

This report documents the general trends in the Boston residential market over the past four years. The report consolidates data from the 21 neighborhoods that comprise the city of Boston and it is important to understand that real estate is local and average sales prices must be analyzed separately in each community. Values can range from $40,000 (extremely distressed property) to $10,000,000 in some of the more affluent areas such as Back Bay and Beacon Hill. The housing mix of homes, condominiums and multi-family contribute to the value fluctuations in each neighborhood. For example, Dorchester has a higher percentage of condo conversions which have had a high foreclosure rate over the past two years. These “comps” impact the average sales prices and in 2009 this has been a major factor.

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 In 2009 there were 914 single family units sold down slightly from the 909 homes sold in 2008.  The peak for sales activity occurred in 2007 with 1041 transactions.  The highest sales price in 2009 for single family homes was reported at $7,000,000.  The days-on-market was reported at 107 days and the sales price-to-list ratio was 96%.

The average sales prices fell -8% in 2009 to $436,522 from the 2008 values of $472,960.  The values have dropped -14% since the peak of $507,143 in 2006.

The condominium market in Boston reports a decline in values and transactions for 2009 as compared to 2008. The average sales prices dropped -9.6% and unit sales fell from 3869 to 3626. The high point for transactions was 4525 units sold in 2007. The highest sales price was reported at $9,290,000. The average peak value was obtained in 2008 at $500,413.

The days-on-market improved in 2009 from 115 to 105 and the sales price-to-list ratio remained stable at 96%.

The data in this report was obtained from the MA MLS (MLSPin) and compiled by Virtual Homes Real Estate. The information is not guaranteed to be accurate. To view current listings of homes and condos available visit Boston MA homes for sale.