Due to the delivery of several new luxury condo projects, Beacon Hill closed the year laps ahead of its neighboring areas in terms of price appreciation! New construction at the Whitwell (32 Derne St), 25 Beacon and a few smaller build outs on Mt. Vernon, Chestnut and Walnut Streets drove pricing ahead in 2017. This infusion of new real estate (in a relatively small market) bolstered Beacon Hill’s 21 percent appreciation in 2017. Both the ultra luxurious Whitwell and 25 Beacon played a significant role in the $225 increase for average price per foot from $1,046 in 2016 to $1,271 in 2017. The number of transactions over $1 million is also up 41% to 99.
Though Beacon Hill is the 2017 frontrunner, we need to mention the increase in average days on market. Since 2015, Beacon Hill has continued to increase from 55 (2015) to 65 (2016) and most recently 97 average days on market. Maison Vernon, a 7 unit building on Mt Vernon Street, will deliver in early 2018 with high price points ($2,000 per square foot). Overall, larger deliveries scheduled for 2019 (The Archer on Temple Street and the Appalachian Mountain Club conversion) may encumber this year’s numbers if buyers opt to tie up the new product in 2018 while waiting to close on it in 2019. Expect general appreciation within the existing housing supply to carry on in the wake of the dynamic (and pricey) new stuff even though the average price per foot for Beacon Hill may recede slightly in 2018.