Citywide, 936 units were sold during June, July and August – a nine percent increase from the 857 homes sold during the same period in 2017.

Both the number of sales and the average selling price of condominiums in Boston continued to rise during the third quarter of this year compared to the same time last year, according to LINK.

Citywide, 936 units were sold during June, July and August – a nine percent increase from the 857 homes sold during the same period in 2017.

The average selling price increased three percent, going from $1,083,673 during the third quarter last year to $1,120,810 this year.

The median selling price climbed nine percent from $778,999 last year to $848,000 in the third quarter this year.

Another telling factor in the competition among buyers looking for homes in Boston can be found in the median price per square foot, which rose seven percent from a year ago, going from $877 last year to $941 this time around.

The average price per square foot (PSF) also jumped up seven percent, rising from $917 last year to $977 this third quarter. One factor in the rise in prices per square foot is from more competition, including for smaller sized units. Those wanting 500 square feet or less usually pay a premium price for a chance to live in Boston’s most popular neighborhoods.

This continues to be a seller’s market with more demand than condos available. Available units dropped from its 2018 high of 463 to 270 for this quarter.

With the competition among buyers, 30 percent of the condos in the city were sold above the asking price.

The hottest neighborhoods in the city were Back Bay, Seaport and South Boston.

LINK President Debra Taylor said that one of the trends she is seeing are the average and median prices tracking closer together.

“This means there are less spikes in the high and low end. It’s a very healthy sign of sustainability,” she said.

South Boston

Southie is booming. That neighborhood tied its record for most sales in a quarter. During the third quarter, 293 homes went to new owners, tying the mark set in the third quarter of 2013.

South Boston also set new records for average and median selling price. The average of $827,173 is a three percent increase from the old mark of $803,477 set in the first quarter of this year.

The median selling price of $765,000 is a four percent jump from the past record of $734,950, also set in the first quarter of 2018.

The average and median prices per square foot also reached new highs. At an $804 average PSF, that’s up 13 percent over the past quarter’s $709 PSF average. The median PSF climbed 13 percent from $713 in the second quarter to the new record of $807.

Another amazing record for South Boston is record sales volume, which went from $158,108,760 in the second quarter of 2017 to $242,361,615 this past quarter. That shatters the old mark by 53 percent.

Of the homes sold, 26 percent went for above the asking price.

Walk through South Boston and the reason for the record-breaking jumps in prices and sales becomes clear with an abundance of for sale signs and construction work happening everywhere. Southie has become one of the city’s most desirable neighborhoods, thanks to its lower cost homes and great location.

Back Bay

This neighborhood continues to be one of the most attractive in Boston for those in the market for homes in an area loaded with interesting places to go and things to do.

Sales in the Back Bay went up one percent from the third quarter of last year with 119 sold during the third quarter of this year.

As in many other neighborhoods in the city, demand far outweighs the inventory of homes on the market. As a result, the average selling price flew up 27 percent from a year ago. The average selling price is now $1,899,872. The median selling price went up 24 percent to $1,195,000. And 33 percent of the homes sold were above the asking price.

The average price per square foot and median price per square foot set more new records. The average PSF broke the old mark from the second quarter by seven percent, rising to $1,330. The median tied the record of $1,211 set in the first quarter.

Blair said that part of the lack of inventory for the Back Bay and Beacon Hill is that “there’s no place to build.” She said that any land that might be available is very expensive. She pointed out that the cost factor means a high price of around $1,500 per square foot.

Blair said, “It puts a lot of pressure on the lower priced” homes.

Next year will see numbers in the Back Bay jump up when the 61-story ultra-luxury Four Seasons Hotel & Private Residences at One Dalton Street opens. Blair said it will push the median and average sales prices up. The exact timing of when the building will open hasn’t been announced, but it could come as early as spring or by next summer.

Seaport

The number of condos going to new owners in the Seaport District soared up 172 percent with 49 sold in the third quarter. Although the average selling price fell 15 percent from a year ago to $1,316,039 and median dropped 25 percent to $890,000, that change is more a reflection of the size of units on the market rather than demand.

The telling stat here is in average and median price per square foot. The median PSF went up 25 percent to $1,104 and the average was up 13 percent to $1,096.

But there is still competition among buyers with 10 percent of the homes sold going for above the asking price.

South End

Sales are still climbing in the very popular South End. Third quarter sales rose 12 percent over the same quarter last year with 173 sold.

The median selling price saw a big 17 percent jump to $1,040,000 while the average selling price rose seven percent to $1,224,116.

Both the average price per square foot and median price per square foot were up five percent to $1,043 for the average PSF and $1,054 for the median PSF.

In this popular neighborhood, 33 percent of the condos sold went for higher than the asking price.

Beacon Hill

Beacon Hill was one of the neighborhoods where the shortage of homes for sale really showed itself. During the third quarter, 35 units were sold, down 31 percent from last year’s third quarter. The average selling price dropped 15 percent to $1,286,415 while the median selling price dipped 14 percent to $699,000. However, the median price per square foot was up eight percent to $1,175 and the average per square foot was rose two percent to $1,187.

It is still very much a seller’s market in this neighborhood with 42 percent of the units sold going for higher than the asking price.

Charlestown

It’s very much a seller’s market in Charlestown, too. Sales went down a percent to 94 sold, but that’s not due to lack of interest. Many people want to move into Charlestown.

The median selling price went up nine percent to $709,500 and the average selling price jumped eight percent to $800,515.

As was the case in every area of the city except two, the average and media price per square foot rose. In Charlestown, the average PSF went up five percent to $735 and the median rose four percent to $735.

Here, a sizable 40 percent of the sales were above the asking price.

Fenway

Fenway sales went up 16 percent to 37 condos sold in the quarter. The average selling price flew up 18 percent to $834,650 and median selling price rose 11 percent to $635,000. There were also big increases in the average PSF ($983) and median PSF ($968). The average home for sale stayed on the market for only 11 days with 40 percent selling for above the asking price.

Midtown and the West End

Midtown and the West End are the only two areas in the city that saw drops in all categories for the third quarter. Sales in Midtown fell 32 percent to 44 sold, and sales were down 62 percent in the West End to 13 sold.

Blair points out that there have been a lot of penthouses for sale over the past few years, but not so many right now.

“There aren’t as many penthouses out there right now. The market is just getting back to normal,” she said.

Blair said that looking ahead in those two districts, the most interest right now is on retail and offices.

The median sales price in Midtown went downwards eight percent to $1,097,500 and it fell 11 percent in the West End to $649,000. Yet, 10 percent of the sales were above asking price.

The median PSF was down 26 percent in the West End to $698 and down one percent in Midtown to $1,145.

The West End was the only area of the city where none of the sales were above the asking price.

In that part of town, Bulfinch Triangle is the place to watch for future growth.

North End

This neighborhood is still a place of growing interest to buyers with sales up 11 percent to 31. The average selling price rose a percent to $664,629, but the median slipped three percent to $570,000.

The average PSF flew up 10 percent to $971 and the median PSF went up six percent to $932.

This growingly popular neighborhood saw 38 percent of the condo sales above the asking price.

Waterfront

On the Waterfront, sales for the quarter rose two percent to 48. Although the median sales price slipped a percent to $1,021,500, the average sales price dropped four percent to $1,244.720. The average PSF was up nine percent to $1,019 while the median PSF climbed eight percent to $1,012. Nine percent of sales were above the asking price.

Luxury Condominiums

In the city’s luxury condo market that focuses on the luxury and ultra-luxury full-service buildings, offering such benefits as concierge, valet parking, on-site fitness rooms, lounges and other up-scale lifestyle amenities, sales jumped in the third quarter 12 percent to 91 units sold.

The average selling price in this category was $2,211,442 (down 10 percent) for the quarter and the median slipped 29 percent to $1,550,000. The median PSF dropped five percent to $1,243 and the average PSF was $1,382, down three percent from a year ago.

Inventory of units for sale reached its lowest point of the year, going down to 68 in the quarter. The high for 2018 was 90 for sale in the second quarter.