COGnitions

11
January 2017
COMMENTS (0)Buyer Advice, Market Trends, Money & Financial, Seller Advice

2016 Year End Market Recap with Pricing Averages and Data visualizations | By Jeff Hamilton

It was another strong year for Boston luxury real estate in 2016. Here are our year end pricing statistics for the core neighborhoods that we focus on in downtown Boston.

Some notes:

  • Every segment of the market that we track was UP during 2016 against 2015.
  • Downtown Crossing’s statistics, in particular, are skewed due to the delivery of 442 units at Millennium Tower. The Tower had 346 units sell for more than $1M during 2016.
  • The “% on MLS” statistic is derived from the number of sales that are tracked by MLS (and thus, on market) divided by the number of sales that are recorded at the registry of deeds (the total number of transactions).
  • The Beacon Hill ultra luxury market had an impressive year with over 9 percent gains.
  • The South End luxury market continued its march up with 6% gains for the year.
  • Other than Downtown Crossing, the number of sales recorded in each market were relatively flat against 2015.
 

2016 sales
(
# transactions)

2016

Avg $ / SF

2015 sales (#transactions)

2015

Avg $ / SF

Price change (%)

# of sales change

(as a %)

Downtown Crossing

$1M to $3M

356

$1,341.00

71

$1,065.00

25.92%

401.41%

$3M and up

81

$1,913.00

13

$1,506.00

27.03%

523.08%

Total

437

$1,447.00

84

$1,133.00

27.71%

420.24%

Back Bay

$1M to $3M

175

$1,137.00

176

$1,132.00

0.44%

-0.57%

$3M and up

65

$1,700.00

66

$1,641.00

3.60%

-1.52%

Total

240

$1,290.00

242

$1,271.00

1.49%

-0.83%

% on MLS

85.42%

         

Beacon Hill

$1M to $3M

53

$1,007.00

53

$1,006.00

0.10%

0.00%

$3M and up

17

$1,166.00

14

$1,068.00

9.18%

21.43%

Total

70

$1,046.00

67

$1,019.00

2.65%

4.48%

% on MLS

77.14%

         

South End

$1M to $3M

229

$1,016.00

245

$959.00

5.94%

-6.53%

$3M and up

17

$1,171.00

14

$1,106.00

5.88%

21.43%

Total

246

$1,026.00

259

$967.00

6.10%

-5.02%

% on MLS

80.89%

         

Below you will find some visualizations of the month by month sales for each neighborhood we cover. This should help consumers understand the seasonality in our business. Listing and buyer activity traditionally peaks in April and May with sales volumes highest in following months of May and June.