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Boston Condo Median Prices Still Moving Upwards

Boston median condo pricesWhile the median price for a condo in Boston has been rising steadily since 2010, this past year saw a 16.2% riseaccording to a new Boston Globe article. To be fair, a few brand new luxury buildings were responsible for some of that spike. The $1 million-plus and the $2 million-plus niches jumped considerably because virtually all ofthe roughly 420 closings at the uber-luxurious Millennium Tower finalized.My most recent market research shows thatfrom January 1-February 15, 2016 to the same time period this year there was a jump of 15.11% in median prices for Boston condos and single family homes combined. And in the $1 million-plus category, there was a increase in closings of 13.33% over last year in that time frame. In the $2 million-plus category, closingsincreased by 12.5%.While those high-end closings did play a big role, there's another importantfactor that drives prices up low inventory. As of February 15 of this year, Boston condos are back down to a 1.3 month supply (analysts consider a 3 month supply to be a balanced market). After finally cracking a 2 month supply last September, it's been headed back down. We are still seeing historically low inventory.If you'd like to see my exciting charts and graphs illustrating these and other local real estate market trends, here they are.Read the Boston Globe's Condo Sales Hit Lofty Heights Last Year in Boston.If you've been thinking about putting your Boston condo or home on the market, it's still a good time.If a property is priced correctly, shows well, and is well-located, it can go under agreement quickly. As always, no matter what the market is like,its still important to price it right from the start.Believe it or not, the Boston real estate spring market is already heating up. If you're considering selling your property and have questions, please feel free to get in touch.I have helped people buyhomes and condominiums in Boston and its suburbs for 25years.I have developed anextensive knowledge of the city, neighborhoods, buildings, people, and the many issues involved in the local real estate market. I would love to hear from you. Boston real estate 

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