Boston Condo Market Peaked – Huge Inventory Available
The Boston condo market has hit its peak this past fall, and now is accumulating a huge inventory of million dollar condos. My question is why do the builders keep creating the inventory when the market has turned.
There is now a 7.5-to-12-month supply of high-end condos priced at $2 million and above in the Boston, Brookline and Cambridge markets, according to Northeast Apartment Advisors.
That compares to a less than four-month supply for condos under $500,000, the firm found in its Boston Condominium Research Report.
Still, prices remain at sky-high levels, with the average listing price of a Back Bay condo now at $1,061,000, and a median price of $741,575. Cambridge condo prices are less than half that – averaging $465,000.
“We found that the Boston, Brookline and Cambridge condo market (as a whole) peaked in the third quarter of 2005 – but still remains healthy,” writes Thomas Meagher of Northeast Apartment Advisors.
BostonHerald.com – Real Estate News: Luxury condos sitting for sale.
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