Boston Condo Market

The numbers are in for the year end 2007 and the down town Boston condo market is fairing pretty well all considered. The downtown Boston neighborhoods consist of beacon hill, back bay, downtown, north end, south end, kenmore and fenway. Compared to 2006 the year end 2007 saw a rise in prices of 2.8% even though the number of sold units was down 14%. The median price went from $495,000 to $509,000. I feel this is backed by a few factors. 1. Boston is still a hugely popular city and buying is usually more appealling to young professionals that see themselves living in Boston for a few years. 2. Althought the number of units on the market are double what they we’re at the height of the market, sellers that don’t sell have a solid rental market to fall back on making it unnecessary to lower prices drastically. And 3. Rents are still high enough to make buying an option. Especially if you figure you are going to be here for grad school, med school, internship or at least a four year commitment.