Fenway Boston Real Estate:Market Update: 4/30/08  

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

1st Quarter average closed thru 3/31(prelim): $539/SF.

2nd Quarter average closed (thru 4/30): $481/SF.

Despite dire warnings of bubbles bursting, the $/SF figure in this perennially undervalued area has done very well. In the 1st quarter of '98, the $/SF figure was only $164/SF! Look for this area to continue doing well.  Fueling this increase has been the fact that it is surrounded by much more expensive neighborhoods, and lots of hospitals and colleges in the immediate area. New higher level projects are underway as well. First quarter of 2006 was pushed upwards by closings at the new construction at 120 Mountfort Street as well as the new renovation at 75 Burbank.

Closed Units per Quarter

Closed, 1st Quarter thru 3/31(prelim): 31 units (The 2nd and 3rd quarters are always disproportionately huge here).

Under agreement, 2nd quarter as of 4/30: 
2008: 27
2007: 27
2006: 17
2005: 32  (SOURCE: MLS-PIN)
 

Approx. average days on market units closed during the 1st quarter: 84 (again)
Approx. average days on market units closed during the 4th quarter: 45 (again)
Approx. average days on market units closed during the 3rd quarter: 45, the shortest of anywhere in the city.
Approx. average days on market units closed during the 2nd  quarter: 63.
Approx. average days on market units closed during the 1st  quarter '07: 90.
 

For the 4th quarter, the average selling price was about 97.01% of asking.
For the 3rd quarter, the average selling price was about 98.7% of asking.
For the 2nd quarter, the average selling price was about 98.03% of asking.
For the 1st quarter, the average selling price was about 97.34% of asking.
 

Median Sale Price

Median sale price for 1st quarter thru 3/31 (prelim): $330,000.
2nd Quarter median sale price thru 4/30: $360,000

In the 4th quarter of 2005, there were many closings for the new construction on Mountfort Street, and in the 1st quarter of 2007, there were some higher priced sales at the conversion at 12 Stoneholm.

Under Agreement Rate thru 4/15/08: (SOURCE: MLS-PIN)

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

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The number of available condos as of 4/30/08: 82. 17 of those units are preconstruction availabilities at the new Audubon Park, averaging $653/SF.

Average days on market for available units as of 4/30/08: 95. This includes the usual protracted marketing time for preconstruction units.

I expect the Fenway market to continue to absorb whatever supply is available in the near future, due to it's level of affordability in contrast to the adjacent areas.

Average $ per Square Foot Yearly

The actual figures for each unit sold in 2007 in the Fenway range from about $277/SF to about $809/SF for a 1173 SF 2 bed 2 bath at 126 Jersey Street that sold for $950,000.

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.