The number of homes sold rose from 332 in April to 406 in May, according to the Listing Information Network (LINK).
May was a better month for condo sales in Boston. The number of homes sold rose from 332 in April to 406 in May, according to the Listing Information Network (LINK). It was also an increase from May 2016 when 389 sold.
Units moved faster in May with the average days on the market falling to 38 as compared to 55 in April. It is also an improvement over May 2016 when the average time a home was on the market was 45 days.
The average price for units sold fell from $955,971 in April to $826,577 in May. That is also a decrease from a year earlier when the average selling price was $880,163. The median price was $641,250 in May, down slightly from $646,000 in April and $650,000 last year in May.
According to Kevin Ahearn, President/Owner of Otis & Ahearn, the average price can be misleading since a few big buys in a previous month can paint a different picture than what is really going on.
He said the market on a transactional basis is flat compared to last year, but it is way ahead of 2015.
He pointed out that inventory supply right now covers a month and a half. That has been the case with supply for the past five years. Ahearn also says that prices are not softening.
Bill Raveis, CEO of William Raveis Real Estate, said, “Boston’s hot. It’s a beautiful place to live.”
Raveis said that real estate runs in seven-year cycles. The bottom of the last cycle came in 2011 before heating up again. He believes the bottom of the current cycle should happen in 2018, but he doesn’t know what the bottom will look like.
“We’re going to burn through inventory. This is a runaway train when it comes to prices.”
He noted that the average home usually stays on the market for six months. Right now, he says its two-to-three months.
When it comes to where the sales occurred, the hottest neighborhoods in the city in May, just as in April, were South Boston, the South End/Bay Village and the Back Bay/Midtown.
Dan Walsh, the Boston Sales Manager at William Raveis Real Estate, said one of the hottest market in the city right now is the Seaport. He added, “The Back Bay and South End are the gold standard.”
The neighborhoods covered by Boston Homes are Back Bay/Midtown; Beacon Hill/West End; Charlestown/Navy Yard; Dorchester; Downtown/Leather District/Fort Point/Seaport; East Boston; Fenway; Jamaica Plain; South Boston; South End/Bay Village and the Waterfront/North End/Financial District.
The two most expensive condos sold in the coverage area were both at Millennium Tower in Midtown. Unit 4802 was tops, selling for $6,750,000 on May 19. This is a 3,172 square-foot home on the 48th floor with three bedrooms, four full baths and a half bath. The living room fits 40 or more guests comfortably. The formal living/dining space is framed by 48 feet of glass showcasing the sunset view of the Back Bay skyline, Boston Common and Charles River.
Second on the list is Unit 4803. This luxury condo with 2,773 square feet of living space also offers three bedrooms, four full baths and a half bath. It sold on May 1 for $5,300,000.
The highest selling condo for the month that’s not at Millennium Tower was at the Ritz Tower II in Midtown. Unit 24E went for $5,000,000 on May 25. Myrna Rothman of Otis & Ahearn was the listing agent. The buyer’s agent was Natalie Bassil of Gibson Sotheby's International Realty. This home on the 24th floor has 3,246 square feet of space with three bedrooms and four baths. It offers sweeping panoramic views of the city, including the public gardens and Charles River.
The sale closest to the median price came on May 17th when 515 East Eighth St., Unit 1 in South Boston sold for $645,000. This is a pristine two-bedroom, one and one-half bathroom duplex unit in desirable east side location. The listing agent was Morgan Blum of The Brimmer Company and the buyer’s agent was the Matt Montgomery Group of Compass.
The least expensive sale in our coverage area came in the South End. Gateway Terrace Unit E312 was sold for $172,977 on May 31. It is a 916 square-foot unit with two bedrooms and a bath.
Looking at the individual Boston Homes neighborhoods, 78 units sold in May in South Boston. That was tops in the city. That is up from the 60 sold in April.
In May, the average selling price was $673,817, up from $661.234 in April. The median was $599,000, which was down from $607,500 during the previous month.
The most expensive sale came on May 4 when Unit 9 at 345 West Broadway sold for $1,540,000.
This is a stunning three-bedroom, two-and-half bath penthouse with two direct access garage spaces and a private roof deck.
Julie Holenport of Coldwell Banker Residential Brokerage - Boston - South End listed the home and Judith Harris of Coldwell – Weston was the buyers’ agent.
The closest sale to the median price was at 160 West Broadway, Unit 206, which went for $599,000 on May 9. This is a new condo featuring white shaker cabinets and top line appliances among the 769 square feet of space.
Rob Walsh of Duhallow Real Estate was the listing agent and the buyer’s agent was Heather Olin of Coldwell Banker Residential Brokerage - Boston - Newbury Street.
Back Bay - Midtown
In the Back Bay/Midtown, 54 units sold in May – one better than in April. The average selling price was $1,473,871, which was down from $1,784,097 during the previous month. The median went down from $1,300,000 in April to $965,000 in May.
As mentioned earlier in the story, two sales at Millennium Tower represented the most expensive sales in the city in May.
Closest to the median was 210 Lincoln St, Unit 203, which sold on May 15 for $930,000.
This grand open loft space is 1,402 square feet with 12-foot ceilings, extra large industrial windows, mushroom head industrial columns, beautiful hardwood floors and two full marble bathrooms.
Richard Greer of Kimball Borgo Real Estate listed the property and the buyer’s agent was Vickie Chang of Century 21 Commonwealth.
Beacon Hill – West End
In the Beacon Hill – West End neighborhood, 20 homes were sold in May, up from 14 in April. The average selling price fell from $2,451,821 in April to $941,445 in May. The median also fell from $1,270,000 in April to $670,000 in May.
The biggest seller in the neighborhood was Unit 2A at The Whitwell, which sold on May 4 for $2,790,000. This unit is 1,936 square feet with two bedrooms, two full baths and a half bath.
This front-facing corner residence in the heart of Beacon Hill includes custom appointed finishes and meticulous attention to detail. Twelve-foot ceilings enhance the grandeur and elegance of the vast living room, dining room and kitchen.
Beth Dickerson and Brian Perry of Gibson Sotheby's International Realty listed this unit and Joe Cunningham of Compass was the buyer’s agent.
One of the closest to the median price was 7 Primus Ave. #7-12, selling on May 31 for $660,000.
Ian Crotty of The Boston Realty Group, LLC listed the property and the buyer’s agent was Eliott Levine of Marston Beacon Hill, Inc.
South End – Bay Village
In the South End – Bay Village, 56 homes sold in May compared to 45 in April. The average selling price dipped from $994,520 in April to $937,503 in May while the median selling price went from $846,667 in April to $784,500 in May.
Topping the neighborhood market was Unit 501 at The Marais, 19 Father Gilday St., which sold for $2,622,500 on May 16.
The Marais is an eight-unit boutique luxury building, fully renovated in 2011. Part of the historic St. James Hotel (1868), the residences offer contemporary finishes in an elegant building with single-level living.
John Neale and Bradford Sprogis of Sprogis & Neale Real Estate listed this property and Rob Kilgore of Coldwell Banker Residential Brokerage - Boston - Newbury Street is listed as the buyer’s agent.
Unit 2 at 12 Rutland Square was closest to the median selling price, going for $770,000 on May 9.
Set in a park-like setting in beautiful Rutland Square, this spacious floor-through second floor unit has custom built-ins in the living room and a gas fireplace as well as an open kitchen and a private deck.
Lisa Merriman Barth of Barth Real Estate was the listing and buyer’s agent.
Charlestown – Navy Yard
In Charlestown – Navy Yard, sales climbed from 20 in April to 34 in May, but the average sale price fell from $889,302 to $753,853. The median did go higher, rising from
$750,000 to $768,000.
On the top was 11 Harvard St., Unit 2, selling for $1,350,000 on May 30.
This four-level, three-bedroom, two-bath town home offers 1,831 square feet of living space. There are floor-to-ceiling windows, a wood-burning fireplace with a marble mantel, crown molding and views of the Zakim Bridge.
Nancy Roth of Coldwell Banker - The Hammond Group was the listing agent and the buyer’s agent was Frank Celeste, Gibson Sotheby's International Realty.
The median price home was Unit 3512 at Parris Landing, selling on May 1 for $778,000.
Eric Hopkins of Kelly Atlantic Realty was the agent for both listing and selling.
This is an updated triplex penthouse unit in the sought-after Parris Landing complex.
Sales in Jamaica Plain climbed big from 24 in April to 42 in May. The averaging selling price also jumped, going from $627,708 to $656,005 and the median joined the upward march, going from $515,000 in April to $575,000 in May.
The top seller was 58 Eliot St. It sold on May 31 for $1,825,000. This is a sizable home with 3,723 square feet of wonderful space, including four bedrooms, three full baths and a half bath.
The Cervone Deegan Team, Coldwell Banker Residential Brokerage - Jamaica Plain listed the home and Dan Keating, Coldwell Banker Residential Brokerage – Brookline was the buyer’s broker.
One of the sales at the median price was 55 Parkton Rd., Unit Two, selling for $575,000 on May 22. This bright, spacious three-bedroom condo has a great layout with many windows. The building has had many updates-capital improvements within the past few years.
Leonard DeSautels of Coldwell Banker - The Hammond Group was the listing and buyer’s agent.
May saw rising sales in the Fenway, going from 28 in April to 31 the next month. The average selling price also rose from $585,610 in April to $688,828 in May. The median also had a steep climb from $485,000 in April to $585,000 in May. The average home for sale was on the market for only 11 days.
The top Fenway sale happened on May 24 when Unit 812 at Symphony Court, 43 Westland Ave., sold for $2,800,000.
A fabulous penthouse duplex home at Symphony Court, this brand new luxury three- bedroom, two-and-a-half bath home has plenty to enjoy. Enjoy wonderful city views on the private walkout terrace.
The Ranco and DeAngelo team at Coldwell Banker Residential Brokerage - Boston - South End handles the listing and sale.
Selling at the $585,000 median price was Unit 14 at 857 Beacon St. on May 15.
The Residential Group, William Raveis R.E. & Home Services listed the property and Paul Huang Team, Ivy Gate Realty, was the buyer’s agent.
This is a beautifully situated home between Back Bay and Longwood Medical in the Audubon Circle/Fenway area.
Waterfront – North End – Financial District
Sales in the Waterfront – North End – Financial District went down in May to 16 units sold as compared to 21 in April. The average selling price dipped from $1,140,254 in April to $1,368,188 in May. However, the median rose from $818,000 in April up to $1,131,500 in May.
The top sale was Unit 4411 at Battery Wharf, selling for $4,150,000 on May 25.
Kathleen Cook, Atlantic Assoc. Real Estate, listed the property and Sheb Shumar, Ardmore Realty Advisors, was the buyer’s agent.
This luxurious residence has two spectacular balconies directly overlooking Boston Harbor. It offers contemporary open living/dining with a gas fireplace and floor-to-ceiling windows.
The closest sale to the median price was on May 5 when Unit 4402 at Battery Wharf sold for $1,300,00.
This oversized 1,535-square-foot corner home has a large open living area, ceiling-to-floor windows and Juliet French doors. Carmela Laurella of CL Waterfront Properties was the listing agent and Ethan Goodrich of Goodrich Residential, LLC was the buyer’s agent.
Downtown - Fort Point - Leather District - Seaport
In the Downtown/Fort Point/Leather/Seaport district, sales went up from four in April to nine in May. The average selling price also rose from $794,813 in April to $832,889 in May. The median dropped slightly from $824,000 in April to $820,000 in May.
The top seller was Unit 406 on 15 Sleeper St. in the Seaport. It sold for $1,200,000 on May 1.
Charles Joseph, Pioneer Realty Group, was the listing agent and Chantelle Conti, Compass, was the buyer’s agent.
This is an amazing corner loft with fantastic storage, ceiling heights and exposed beams. Chefs will love the fantastic custom kitchen with huge center island breakfast bar and work station.
Selling at the median price was Unit 606 at The Allele on Dorchester Avenue at the Seaport. It went for $820,000 on May 3.
Team Allele, Gibson Sotheby's International Realty listed the property and Frank Celeste, Gibson Sotheby's International Realty, was the buyer’s agent.
This is a dramatic 1,234-square-foot one-bedroom penthouse loft with an open concept floor plan.
In East Boston, 20 homes sold in May as compared to 26 units sold in April. The average selling price dropped from $475,885 in April to $411,155 in May while the median sale price slipped $450,000 in April to $419,800 in May.
Tops is sales was 156 Porter St., Unit 321, selling on May 19 for $579,000. This home offers 1,083 square feet of living space with a bedroom and a bath.
Selling nearest to the median price is 158 Cottage St., Units 4R, for $419,600 on May 2.
John Hollis, Boston City Properties, was the listing agent and Collin Bray, Century 21 Cityside, was the buyer’s agent.
Tucked inside the sought after Jeffries Point neighborhood of East Boston, this pet-friendly, top floor sun-splashed unit boasts natural light from three sides.
Sales in Dorchester increased from 37 in April to 46 in May while the average sales price went from $417,746 to $434,075. The median was $428,000 in May compared to $386,500 in April.
The top selling home was 108 Cushing Ave., Unit 2. It sold for $795,000 on May 24. This bi-level unit includes amazing city and water views, a private driveway with oversized one car garage, private yard and a large deck off the living area.
Jamie Iacoi, Great Spaces Real Estate, was the listing and buyer’s agent.
Selling closest to the median price was 8-10 Thelma Rd., Unit 3, for $428,500 on May 31. This is a top floor three-bedroom Pope's Hill condo. The listing agent was Kerry Dowlin of Gibson Sotheby's International Realty and the buyer’s agent was Eric Johnson of Mission Realty Advisors, LLC.