COGnitions

4 March
2020
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$1M+ Market Report in Back Bay, South End & Beacon Hill (MLS Sales) | By Jeff Hamilton

 

From the ground, the market did not feel like it was witnessing a 25 percent increase in pricing during the winter of 2020. However, comparing the real estate sales data from the first two months of this year versus the first two months of 2019, that is indeed what we just achieved! 

Note: A surge of activity in the $5M+ category includes 13 sales in the $5M+ market. (versus 3 sales in 2018 and 2019)

 

Across our core markets, the average price per square foot raced to $1,393 for all sales over $1M.* This was a 25 percent increase against 2019’s $1,113/SF average for January and February sales. Included in the “off-market” inventory are the continuation of sales from One Dalton, the newest offering branded by the Four Seasons. Three more sales hit the tape in the first two months of the year at 1 Dalton for over $10,000,000. Unit 6102 reached $34M on 7,557 SF… A show stopping $4,499/SF!!

Largest YTD sale on market: $15,750,000 (89 Beacon St, PH)  | off-market: One Dalton #6102, $34,000,000

 

As we enter the typically frenzied spring market, the Corona Virus looms large. The spectre of a pandemic impacting this country is seen day to day in the stock market but reverberations can be felt in the real estate market with emotions running high. Subject to continued monitoring, it feels very much like a week to week guessing game. Outwardly, demand from Boston luxury buyers continues to manifest. We look forward to a more in-depth look at the numbers when we complete this first quarter!

 

*Publicly marketed properties only. Does not include off-market inventory.

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