The Downtown Boston Market: A Mixed Bag

The old saying “real estate is local” never runs more true than in Boston. For years now, I have been arguing that, despite the unfortunate reality in most of the country, our city has been able to fair the real estate storm relative well.

Listing Information Services (LINK), released their 2nd quarter 2011 stats, and that pattern seems to be holding.

Citywide and in most neighborhoods, the total number of units sold has slumped — in my experience not due to lack of bona fide buyers, but a decrease in the total inventory. It seems homeowners have decided to stay put, and fewer are inclined to put their homes on the market because of the current economic conditions and uber-strict lending guidelines that make it very hard to get a loan for their new home, even for those who qualify. The average price and price per square foot, however, have been doing well in most places.

Here are the numbers for some of downtown Boston neighborhoods (compared to the same quarter in 2010):

Citywide includes Back Bay, Beacon Hill, Charlestown, Fenway, Leather District, Midtwon, North End, Seaport, South Boston, Waterfront and West End
Total Number of Sales: -9.78% (766 units)
Average Selling Price: +12.27% ($689,553)
Average Price per SF: +6.47% ($594.35)

Back Bay
Total Number of Sales: -14.39% (119 units)
Average Selling Price: +15.97% ($1,324,656)
Average Price per SF: +7.42% ($818.94)

Beacon Hill
Total Number of Sales: +50% (69 units)
Average Selling Price: +7.12% ($668,146)
Average Price per SF: -2.87% ($699.16)

South End
Total Number of Sales: -10.31% (174 units)
Average Selling Price: +7.36% ($663,739)
Average Price per SF: +0.65% ($613.44)

Midtown
Total Number of Sales: +30.43% (30 units)
Average Selling Price: +40.91% ($1,117,933)
Average Price per SF: +12.02% ($776.54)

Fenway
Total Number of Sales: +16% (58 units)
Average Selling Price: +4.84% ($321,013)
Average Price per SF: -3.65% ($491.25)

West End
Total Number of Sales: +75% (14 units)
Average Selling Price: -7.97% ($336,376)
Average Price per SF: +0.85% ($414.33)

South Boston
Total Number of Sales: -30.88% (141 units)
Average Selling Price: +8.93% ($395,793)
Average Price per SF: +8.14% ($406.21)

Charlestown
Total Number of Sales: -30.77% (72 units)
Average Selling Price: -12.08% ($423,048)
Average Price per SF: -1.19% ($438.01)