Wednesday, March 31, 2010

More Warming in Boston Housing Market

Figures from the Warren Group show areas near downtown Boston accounting for much of the upswing in the city's housing market, at least in condos.

The latest figures are for the month of February, and the comparisons are with Febraury of 2009.

Among the highlights in areas with more than a handful of transactions:

Areas near downtown Boston. Condo sales increased in February by more than 22 percent, and they're up so far this year by 26 percent. The median price was up in February by 31percent, and it's up so far this year by almost 29 percent.

Roxbury and the part of the South End. The median price for February was up by almost 54%, and it's up this year by almost 59 percent. But sales are down, with a smaller drop in February.

Sales of condos in Dorchester were down by 34 percent, but the median price was up by thirty-four percent. Last year many of the condo transactions in Dorchester were distressed sales, which helps explain how the increase over the year before was from $110,000 to $143,000.

Sales were up by more than 40 percent in Jamaica Plain, but the median price was down by almost 19 percent. In Charlestown, condo sales for February quadrupled (from only 4 in 2009), with the number of sales for this year almost tripled. There was little change in the median price this year for condos in South Boston, but sales were up in February by almost 26 percent, and for the first two months of 2010 by more than 37 percent.

The Warren Group also reports single-family home sales increasing in areas such as Dorchester, West Roxbury, and Roslindale. In Hyde Park, single-family home sales increased by 20 percent, with the median price going up in February by almost 38 percent. In West Roxbury, the median price for February was up by more than 12 percent.