Boston Condo Sales Increasing

Boston condo sales are on the rise as recently reported in the Boston Herald by a Jennifer Athas of Hot Property. She revealed that fourth quarter sales of condos rose 3.3% over the same quarter in 2010 with 758 condo sales being successfully closed.

The highest reported condo sale in Boston was a $6 million penthouse at the InterContinental, sporting 4752 square foot of living space and a 500 square foot private terrace.

The average sales price for both condos and homes rose 4.5% with purchases in the higher end of the market occurring in the city and select suburbs.

Overall sales are reported to have slowed somewhat as a result of existing condo inventory being reduced along with little new condo construction proceeding at this time. However, a representative for Keller Williams Realty indicated that when new condo properties hit the Boston market, they are highly anticipated and purchased quickly.