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LINK reports an upturn in downtown condo sales
By Jerry Kronenberg
Thursday, July 26, 2007
B
ucking Massachusetts real estate s overall softness, Boston s downtown condo market is beginning to show signs of life.
Property-listing service LINK reported yesterday that downtown condo sales during the second quarter rose at a 7.5 percent annual rate, while median prices added 3.9 percent to $472,750.
I think the market has definitely turned the corner, said LINK s Debra Taylor Blair.
Perhaps most significantly, LINK said the number of unsold units listed for sale dropped 25.2 percent to 1,384, down from 1,850 a year earlier. Historically, falling numbers of unsold properties point to a market that s turning around.
Blair attributed the reduced listings to increased sales, less new construction and sellers who ve decided to take properties off the market until things get even better.
Real estate agents say LINK s findings leave them cautiously optimistic.
Downtown broker John Ford said fewer listings show that we re finally weeding through excess inventory.
But Ford added that things are still a little on the slow side in his area.
LINK also reported continued weakness in some downtown locales.
For instance, the firm said second-quarter sales fell 12.6 percent in the Fenway and 5.6 percent in midtown.
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